When filing taxes, you should take advantage of all possible deductions and tax credits to minimize your liability. An important deduction that many people tend to ignore is medical expenses.

First of all, it is important to understand what is included and what is excluded from the IRA’s definition of ‘medical expenses”. Anything that you pay for doctors or dentists qualifies as a medical expense. If you had to spend some time in a hospital or if you paid for medical equipment and prescription medication, then you can add these expenses too. [Read more…]