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Special Needs
Tax write off?
This is our first year of driving to and from speech, OT, and specialist dr appts. Quick question about taxes. Is any part of the driving tax deductible? Like mileage or the gas?
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Re: Tax write off?
It will depend on where you live what (if any) of that is deductible.
Locally, the distance must be greater than a set minimum distance.
I had this grand idea last yeas to write off stuff. To do that you have to do an itemized schedule. Basically what it boiled down to is that we did not have enough OOP expenses to warrant the itemization.
If you have pretty good health insurance the medical deduction is hard to rack up expenses in order to qualify. If you child has to go to a special/private school due to their diagnosis you may be able to write off that tuition, but that is only if there is not a public option available, I think.
I found a good article about this last year and posted it...Lemme see if I can find it.....can't find it.....
this is the IRS site....
https://www.irs.gov/pub/irs-pdf/p502.pdf
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Found it....The article was written in 2011...
https://www.tacanow.org/family-resources/tax-strategies-for-parents-of-kids-with-special-needs/
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I'm pretty sure that for 2013 the threshold goes to 10% of your AGI. That means you can deduct medical expenses in excess of 10% of your adjusted gross income. If you make $50,000 a year, you can deduct medical expenses in excess of $5,000. Keeping track of mileage is a lot easier that tracking actual expenses (gas, oil changes, etc)
You can deduct mileage at 23 cents/mile or actual expenses (gas, oil changes, car repairs directly related to transportation to and from appointments) on your Schedule A (itemized deductions). However, you can only deduct any medical expenses over 7.5% of your AGI. Most people do not have medical expenses that high.
For example, if your AGI if $100,000, you can only deduct medical expenses over $7,500, and only if you are itemizing your deductions instead of taking the standard deduction. I believe that next year you can only deduct expenses over 10% of your AGI.