Ask Joey ™ a Question


You might also be interested in...

  • Are medical expenses deductible on a tax return?

    Yes, certain medical expenses can be included as an itemized deduction. Beginning in 2021, the taxpayer can only deduct qualified medical expenses that exceed 10% of the taxpayers AGI. The visual below lists out medical expenses that are allowed and not allowed.

  • How to calculate the itemized deduction for medical expenses?

    Qualified medical expenses are potentially deductible as itemized deductions to the taxpayer, assuming they exceed all medical insurance reimbursements and 10 percent of AGI (beginning January 1, 2021). As a taxpayer, you must understand what types of medical expenses are allowed or disallowed. To calculate your itemized deduction for medical expenses, use the visual above. […]

  • Are gym memberships tax deductible?

    While a taxpayer may deduct medical expenses on their tax return, gym memberships do not qualify as an allowable medical expense. The visual below lists out medical expenses that are not tax deductible. Gym memberships are included in #2 under medical expenses that are not deductible! While it might be tempting, don’t try to sneak […]