Elder Law, Tax Attorney talks about Tax Saving Tips for 2012-2013

2012-2013 Tax Savings Tips

During tax season, we welcome the opportunity to prepare your taxes for you. Please call us at (516) 692-2744 for an appointment. But before you file, do you know how to make the most out of it? There are many credits and deductions for medical care that are continuously overlooked. These deductions can help make your medical care and health insurance more affordable. Take a look at the deductions below to see which ones would be most beneficial to you and provide you with the most rewarding opportunities.

Medical Deductions: How can they affect you?

• Itemize medical expenses while you can.
• You may be able to take advantage of deducting medical expenses in excess of 7.5% of your adjusted gross income.
• Consider expenses for the care for an aging parent.
  If your elderly parent only made $3,800 last year and you provided more than half of his/her financial support, you may be able to claim your parent as a dependent and earn an additional dependent exemption. If you paid for medical and nursing care expenses, you may be able to itemize these expenses as qualified medical expenses.
• Medicare premiums and medical home improvements.
• You may be able to deduct capital expenses for installation of home medical equipment or any improvements you made to your property for wheelchair accessibility.
  You may also be able to deduct premiums taken from your Social Security for Medicare Part B, Medicare Part D, and Medicare Supplemental Plan.
• Deducting health insurance premiums as a business expense.
• If you had self-employment income, you may be able to deduct health insurance premiums paid for you and your dependents without itemizing.
• Fund your HSA (tax-advantaged savings account used in conjunction with an HSA-eligible health insurance plan) for 2012.
• You can deposit a portion of your pre-tax income into a savings account and use it to pay for qualified medical expenses. Contributions are capped at $3,100 for individuals and $6,250 for families. If you are over the age of 55, you may qualify for an additional $1,000 contribution.
• Get tax credits for providing employees with coverage.

If you have less than 25 employees whose annual wage is less than $50,000, you may be eligible for a tax credit up to 35% of the amount you contribute to their insurance premiums.

As tax season is upon us, it is important to take these tips and deductions into consideration. At Stefans Law Group PC, we provide services in Elder Law and Medicaid Planning, Estates and Trusts, Probate, Guardianship, and Tax Planning. We are always here to help you. Call us today at (516) 692-2744 if you would like to schedule an appointment for us to prepare your taxes.