Medical deductions are more difficult to get when filing taxes t - KOAM TV 7

Medical deductions are more difficult to get when filing taxes this year

With a little more than a month left to file taxes, many residents in the Four States are looking for help when it comes to some upcoming changes.
For many, keeping up with tax laws is a headache.
"It's too confusing to do it on your own," Galena resident Randy Adams said.  "The tax laws change from year to year and we want to make sure we get back every dollar that we can."
One of the biggest changes this year is that medical deductions are now more difficult to get.  For people under the age of 65, it's an amount in excess of 10% of your adjusted gross income, when it used to be just 7.5% for everyone.
"We may not be able to take as many of the medical deductions as we had in the past," said Paul Allen, Senior Tax Accountant at Liberty Tax Service.
If you are planning to see a professional for tax help, you must bring proper identification and your W-2 forms.
"We'll also need to see your mortgage and interest statement you receive from your bank, any interest income statements you receive, and any 1099 forms you receive from your broker or your investment firms, to account for income and losses correctly so you don't over pay," Allen said.
He says it's also not too early to start planning for next year.
"When planning for your taxes, a year in advance is always a good idea," Allen said.
Some bigger changes are also expected for next year.
"We're going to start seeing an impact from the Affordable Care Act, starting next year at $95 per person or 1% of taxable income for those not covered by medical insurance next year," Allen said.
"They didn't have to have it for 2013, but for 2014, they are required to have health insurance," said Cleta Mills, Master Tax Advisor at H&R Block.
There are also some tax breaks set to expire this year.
"One of the things you are going to lose next year is your tuition and fees deduction on the front page of the 1040 form," Mills said.
The $250 deduction for teachers on the front page is also set to expire.
Tax consultants advise filing for an extension if you are not able to file your returns by the April 15th deadline.
Powered by Frankly

KOAM - Licensed to Pittsburg, Kansas
Send tips, ideas and press releases to: tips@koamtv.com
Send newsroom questions or comments to: comments@koamtv.com
Phone: (417) 624-0233 or (620) 231-0400
Web comments or questions: webmaster@koamtv.com
Newsroom Fax: (417) 624-3158

Powered by Frankly, Inc. All content © Copyright 2000 - 2018 KOAM. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.