hI ALL,
YOUR MEDICAL EXPENSES ARE NOT DEDUCTIBLE ON YOUR BUSINESS NO MATTER WHAT IT IS FOR, EXCEPT YOUE PREMIUMS THAT ARE IN YOUR COMPANY NAME ONLY.
sINCE THIS IS BASICALLY PERSONAL YOU ARE ABLE TO DEDUCT THE COST OF YOUR MEDICAL EXPENSES FROM YOU INDIVIDUAL TAX RETURN ON SCH a- ITEMIZED DEDUCTION, LINE 1, BUT IT MUST BE BROKEN DOWN.
PREMIMUMS
DOCTORS
RX
MILEAGE TO AND FROM MEDICAL PROVIDERS.
BUT THE AMOUNT IS LIMITED TO ANYTHING OVER 7.5% OF YOUR ADJUSTED GROSS INCOME ON PAGE 2, LINE 35 OF YOUR 1040.
IF YOU DO NOT HAVE ANY MORTAGE iNTEREST, REAL ESTATE TAXES, REGULAR PROPERTY TAXES (LIKE VEHICLES) CHARITABLE CONTRIBUTIONS
THAT DO NOT GO OVER THE STANDARD DEDUCTIONS, THE MEDICAL EXPENSE WILL NOT BE DEDUCTED AT ALL.
A HEALTH SAVINGS OR MEDICAL SAVING ACCOUNT IS LIMITED TO CERTAIN MAX LIMITS. DEPENDING WHICH ONE YOU HAVE.
BUT HERE IS THE SITUATION THAT YOU ARE IN,
SINCE YOU HAD TO TAKE THE SLEEP APNEA STUDY, THAT IS THE ONLY ITEM THAT IS DEDUCTIBLE FOR THE CDL.
bUT NO MATTER WEATHER YOU DRIVE A TRUCK, OR HAVE A DAILY COMMUTE TO WORK AND SLEEP AT HOME
IT IS NOT A BUSINESS DEDUCTION AT ALL. IT IS PERSONAL,
i KNOW THE COST OF THE ITEMS THAT YOU HAVE TO REPLACE EVERY 3-6 MONTHS.
iT COST ME $330.00 EACH TIME FOR REPLACEMENT HOSES, WATER CONTAINER, FILTERS, MASKS,
sorry for the bad news but that is the IRS law.
iF you use it as a business deduction, there is a very good chance that you would get audited within a year of filing , Chances 1 out of 10 since that are cracking down of Sch C filers.
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: [email protected]
Web Site: File Your Return Online
Franklin Katz, ATP, PA, PB,
Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.