Thursday, January 24, 2008

Keep Track

Did you know that you can deduct medical-related mileage and medical expenses from your taxes?

If you haven't already, start keeping track of your trips to the hospital or doctor offices. For 2007, the standard mileage rate for the cost of operating your car for medical reasons is 20 cents per mile. That can add up and you should take advantage of it.

  • Keep a notebook in your car and list each visit that you make to the hospital. Note the date and where you were traveling from. This will ensure that you keep an accurate record.
  • Use your car's trip odometer to track how far away the hospital is from your house, office or anywhere else your routinely travel from to get to the hospital.
  • Once your baby is out of the hospital, keep track of mileage for doctor visits as well
  • Keep all receipts for medicine, equipment, and insurance co-pays. These expenses can also be deducted from your taxes.
Check with your tax preparer on all guidelines and rules before filing.

1 comment:

NICU101 said...

Good point. I didn't realize this until very recently, and I really wish I had been keeping track of our mileage to therapy, the hospital, my 5 million high risk ob appointments, etc. Not sure why our accountant never mentioned it...

I apologize in advance for any duplicate comments. I'm having technical issues!