Services We Offer
  Tax Preparation and Filing

Whether you’re a self employed individual or filing as a corporation, get peace of mind with taxes done correctly and efficiently. (Get More Info)

  IRS Tax Problems Resolution

Whether you’re facing tax levies, liens, or garnishments, don’t face the IRS alone. We may even be able to arrange a reduced payment. (Get More Info)

  Business Registration

Need help registering your new business as an LLC, corporation, or partnership registration? Keep it simple – let us help! (Get More Info)

  ITIN Application

Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

  Accounting and Bookkeeping

If you’re not a bookkeeper or accountant, spending time on this task is decreasing your profits! Our services can help your business grow! (Get More Info)

  Payroll Processing

Payroll is a hassle and a huge time drain for small businesses. Let us help with all aspects of your payroll processing (Get More Info)

  Notary Services

When you need notary services, we’re your trusted partner. We provide fast service for your notary needs. (Get More Info)

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Streamline your filing process and avoid the risk of process glitches. We can help you.

Contact Information
KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

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Medical Expenses Aren’t Covered by Your Health Insurance?

Posted by kftaxaccounting2014 on November 11, 2014 in Health Care | 0 comment

What happens when you have medical expenses that aren’t covered by your health insurance?

If they reach 10% or more of your adjusted gross income (AGI), you can claim deductions for them!

This change took effect in 2013 (which you would have filed in 2014) in the form of an increase in the percentage of your income that the relevant expenses had to reach before you were able to claim them. If you’re 65 or older, you are still being covered by a temporary exemption to the increased percentage, and can claim deductions for medical expenses that are 7.5% or more of your AGI until the exemption expires in 2016. Otherwise, you must meet the 10% threshold before claiming this deduction.

If you’re considering claiming this deduction, you’ll want to keep careful records and make sure you understand it carefully. Your records should include information about the date of the claim, the amount you paid, and information about the medical or dental care provided, who provided it, and who received it.

Now – don’t send all of these records in with your tax return. But do make sure you keep them when claiming this deduction on your return.

The specific instructions for how to claim this deduction can be tricky because of the exemption for certain ages between certain dates. If you want to make sure you’re claiming the deduction correctly, please give us a call! We’d be happy to help you get the largest deduction you’re entitled to.

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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