Disabilities Blog

Category: Finances

Keep track of medical expenses for tax purposes

Like everyone else I do not enjoy doing my taxes. My father and I have the same disagreements each year. My lack of recordkeeping when it comes to details related to medical expenses especially irks him to no end because he helps me out with completing my taxes due my lack of interest in the process. So what did I learn that can help you and me, too, in the future?:

1) Put all of your medical receipts in a multi-pocket folder or in folders in your file cabinet, clearly labeled. Make sure you know when you incurred the expense.

2) Put information in different categories, such as what your insurance paid for, what you paid for and what you still plan on getting reimbursed for from the government or other source.

3) Keep a spreadsheet with information such as the name of the doctor or store where the expense incurred, amount, date, reason so you can use it when it comes to tax time. Remember, 12 months of expenses are hard to recall once a year so a spreadsheet or even notebook with your details will make life easier. More information that is well documentated will make tax time less painful.

4) Understand how medical expenses are determined by the IRS. This information is available online or check with your accountant.

If we follow these simple guidelines next year, it won't be so annoying during tax time. Then we can look forward to your refund!