Tax time: Can you deduct medical expenses? - FOX 26 News | MyFoxHouston

Tax time: Can you deduct medical expenses?

Posted: Updated:

If you haven't tackled those taxes yet, we've got some information you want to know.  It's a complicated maze trying to sort out what you can deduct and what you can't, but if you're wondering about deducting medical expenses, we can help.  

Oxygen Financial Services is a full-service financial planning group.  Their experts know the ins and outs of the taxman's ever-changing rules.  One of those experts, Van Pappas, told FOX 5 a whole lot of expenses are included in medical deductions, like mileage to and from appointments.  

Pappas reminds you those medical deductions are for all qualified members of your family.  He also says you can deduct your insurance premiums for medical or long term care insurance.

But here's the catch:   You can only deduct medical expenses that exceed 7.5% of your adjusted gross income.  So, if you're making $100,00 a year as a family, your medical receipts over $7,500 can be deducted.

Sounds like a lot, right? But don't forget that even a year's worth of co-pays count.  When you break it down, it starts to tally up.

If you think you have enough medical expenses to consider, go to the IRS's website.  It's explained there.  If you're seeing an account this tax season, but sure to ask about this.

  • I-Team Story ArchiveMore>>

  • Control your debit or credit card by remote control

    Control your debit or credit card by remote control

    Wednesday, August 20 2014 8:35 AM EDT2014-08-20 12:35:26 GMT
    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
  • Reality TV Star Todd Chrisley faces tough questions

    Reality TV Star Todd Chrisley faces tough questions

    Tuesday, August 19 2014 10:58 PM EDT2014-08-20 02:58:47 GMT
    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
  • Save money by grocery shopping at the right time

    Save money by grocery shopping at the right time

    Monday, August 18 2014 1:14 PM EDT2014-08-18 17:14:49 GMT
    Here's the sure fire way to stay on budget at the grocery store: Plan your menu in advance, make a list then stick to it. So how is it that you're still spending more than you should and ending up with less than you need? Because too many of us shop at the wrong time.
    Here's the sure fire way to stay on budget at the grocery store: Plan your menu in advance, make a list then stick to it. So how is it that you're still spending more than you should and ending up with less than you need? Because too many of us shop at the wrong time.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Control your debit or credit card by remote control

    Control your debit or credit card by remote control

    Wednesday, August 20 2014 8:35 AM EDT2014-08-20 12:35:26 GMT
    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
  • Good Day Atlanta

    Enjoy lighter fried chicken

    Enjoy lighter fried chicken

    Tuesday, August 19 2014 9:27 AM EDT2014-08-19 13:27:57 GMT
    Enjoy this lighter, healthier fried chicken recipe with Chef Curtis Aikens!
    Enjoy this lighter, healthier fried chicken recipe with Chef Curtis Aikens!
Powered by WorldNow

KRIV FOX 26
4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices