Medical Expenses Tax Return

Medical Expenses Tax Return

Medical Expenses Tax Return

Tax deductible expenses allow you to reduce your Adjusted Gross Income (AGI) and consequently the amount of taxation that you need to pay before April 15. When calculating the figure for Form 1040, Schedule A, you must decide whether to proceed with IRS standard deductions or itemized tax deductions.

Schedule A itemized deductions allow you to reduce taxes or increase your refund by itemizing your expenses, such as mortgage interest, medical care, IRA contributions, investment interest, and charitable donations. It involves more work, but you need to do this if you want to reduce your tax bill.

Standard Tax Deductible Expenses for Married Couples

The standard tax deduction for a married couple is currently $11,400. There is a basic requirement that both of you must file by the same method if filing separately. If you itemize your taxes, so must your husband. It isn't possible for your husband to itemize and for you to claim the standard IRS deduction.