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www.muchkneadedmassage.com

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Text Box: Volume 7 Issue 04, April 2009

Much Kneaded

Massage - Nutrition - Martial Arts

Text Box: The suggestions herein are not intended to treat, or cure disease, and are not a substitute for professional medical advice. Consult your healthcare practitioner before making any dietary or lifestyle changes.
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Check out the IRS publication 502 (click link below) to see if your expenditures for massage are considered  a qualify medical expense (QME). See the IRS link below for other valid medical and dental expenses.

 

You may be entitled to a tax credit or refund!

 

 

How Much of the Expenses Can You Deduct?

You can deduct only the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income (Form 1040, line 38).

What Do You Need to Do to Qualify for An IRS

1) Have out-of-pocket medical expenditures over 7.5% of your adjusted gross income (AGI) that were not reimbursed.

 

Example:

If your total QME for the year was $8,000  then $500 of your expenses would qualify as a medical expense deduction.

 

If your AGI is $100,000 and your medical expense for the year was $5,000. then 7.5% of the AGI is 7,500. Your total QME did not exceed exceed 7.5% of your AGI—no deduction would be applied.

 

2) Get a prescription for massage from your doctor specifying your specific condition.

3) Keep your treatment receipts as well as  transportation costs, where applicable.

 

Uncle Sam to the Rescue

SAVE TWICE!

Text Box: Always check with your tax advisor regarding this deduction, as each person’s situation is unique.

Click here for the complete IRS Publication 502 (2008) for further details.  				[

YOU MAY STILL BE ABLE TO SAVE EVEN IF YOUR MASSAGE COSTS ARE NOT TAX DEDUCTIBLE—CLICK HERE