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Medical Expenses – Should You Deduct?
When you begin to compile your documents, receipts, and forms to being filing taxes in Denver, consider the worth of itemizing certain things. Medical expenses, for instance, are not a common deduction for the majority of people in this country. The threshold for itemizing and deducting medical expenses had increased from 7.5% to 10% of your adjusted gross income in the last year. Most people preparing taxes in Denver will not take advantage of this deduction, as they will not come close to meeting that threshold. If you are a small business owner, however, medical expenses and insurance expenses may actually exceed that 10% mark for a deduction.
Contact your Denver tax service to find out the most practical way to approach deductions and get advice this tax season.