Can i deduct medication on taxes?

Answer According to the IRS, only unreimbursed prescription medications and insulin count as medical and dental tax deductions. To calculate the amount you can deduct, subtract 7.5 percent of your adjuste... Read More »

Top Q&A For: Can i deduct medication on taxes

Can I deduct any of my FSA on taxes?

A flexible spending account (FSA) reimburses out-of-pocket medical expenses and contributions are made from your pre-tax wages. According to the FSAFEDS Program, you may not claim on your tax retur... Read More »

Can I deduct PMI on taxes?

Congress extended the law through 2010 allowing taxpayers to deduct private mortgage insurance (PMI), but only for homes bought or refinanced since Jan. 1, 2007. The deduction is only available for... Read More »

How to Deduct Prepaid Taxes?

The Internal Revenue Service requires people to pay taxes on their income throughout the year rather than waiting until the end of the year to make one large payment. Most people have this requirem... Read More »

Can you deduct gas on your taxes?

On One Hand: Not Regular CommutesIf you just drive from your home to your job and back, you cannot deduct your gas costs. However, if you work multiple jobs, you can deduct the cost of gas used dri... Read More »