The Tax Man cometh - make sure he doesn't goeth with more than he should.

Some tips on keeping your cash
03/23/2011

If you spent a lot of money on your medical care in 2010, you may be able to write off some of that cost on your itemized federal tax return.Your medical costs will have to exceed 7.5% of your adjusted gross income and you'll only get a break on expenses beyond 7.5%. If you spent 14% of your income on medical expenses, for example, that means you can write off 6.5% of those costs.

Most people don't understand that medical expense write offs includes a wide variety of things: Co-pays (like dental), deductibles, dental costs, prescriptions, contact lenses and glasses all count. So does travel to and from a doctors' office.

For a full list of qualifying medical and dental expenses, check out Publication 502 on the IRS' web site. Want to save even more? Check out how you can keep more of your cash with savings on dental care.



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