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www.muchkneadedmassage.com |
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Much Kneaded Massage - Nutrition - Martial Arts |
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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.
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Uncle Sam to the Rescue |
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SAVE TWICE! |