IRS & deducting Medical expenses
View Single Post
December 9th, 2009, 04:23 AM
Join Date: Feb 2009
Just thought I would share this info, I am sure all of you know but just in case someone doesn't.
You might want to find out if your employer offers a flexible spending account. You can put up to 5,000 in a year and they deduct it before taxes from your check in equal allotment over the year. This money can be used on most medical related costs (including infertility, and meds). This way every dollar is tax free unlike deducting it from your taxes where only greater than 7.5% is tax free.
I didn't have one last year but I am opening one for 2010.
View Public Profile
Find all posts by Penguin115