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Tax Tip

Tip of the day…
Its that time of year that most of us dread, TAX TIME! The IRS reports that 25% of Americans file at the last minute. This year taxes are due by Tuesday, April 18th. The key is to be organized and prepared each year.

Make a folder for next year labeled TAXES 2017 and place it in the front of your filing system or where it can be accessed throughout the year. Every time you get something that you need for your taxes put it in there.

Remember you can deduct medical expenses as long as they are 10% of your gross income and 7.5% if you or a spouse are over 65 years old.

Many people do not realize everything that you are allowed to deduct for medical each year. You can deduct medical premiums you pay for your health insurance, medical co-pays, dental, vision, prescriptions, psychiatric care, hearing aids, chiropractor visits etc. If you want to see a full list of all allowable medical deductions check out Publication 502 on IRS.gov

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