Don’t Forget These Deductions!


I’m often asked by clients, why they couldn’t deduct their (you name it).  Well, unless you’re paying a mortgage on your home or contribute generously to charity, odds are you don’t have enough eligible expenses to deduct on Schedule A.  Your Schedule A expenses would only be reported if they exceed the 2014 standard deduction amount for your filing status – $6,200 for single and married filing separate returns; $12,400 for married filing joint returns; $9,100 for heads of household returns.

One of the most confusing Schedule A deductions is for medical and dental expenses you paid for yourself, your spouse or your dependent(s).  You can only deduct the expenses that exceed 10% of your adjusted gross income (AGI), or the amount that exceeds 7.5% if you or your spouse were born before 2 January 1949.  For example, if you’re 40 and your AGI is $50,000, you must have spent more than $5,000 on eligible medical and dental expenses to claim a deduction.

If you’re one of the few who spent a lot of money on medical and dental expenses in 2014 (and have the paper trail to support it), I’ve listed several eligible expenses you shouldn’t forget.

  • Ambulance services
  • Birth control pills
  • Breast pumps and supplies
  • Chiropractor fees
  • Dental cleanings / X-rays / Braces / Extractions
  • Eye exams / Contact lenses / Eye glasses / Laser Surgery
  • In vitro fertilization
  • Prescribed medication
  • Pregnancy test kits
  • Programs to stop smoking
  • Vasectomy

Visit the IRS website for the complete list of what you can and can’t deduct.