KILLER IRS Tax Deduction For Medical Insurance Premiums

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) August 12, 2010 -- Eligibility

A deduction is allowed for medical insurance premiums within certain limits. Medical insurance premiums you pay may be included in your medical expenses as tax deductible if the premiums cover:

•Medicare B, supplementary medical insurance for elderly (Social Security Administration provides useful information in calculating the amount of your deduction).
•Medicare A, the part of Social Security that provides coverage for basic Medicare. Certain limits may apply.

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KILLER IRS Tax Deduction For Medical Insurance Premiums

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•Prepaid insurance premiums you pay before the age of 65 for medical care coverage for yourself and your spouse, or dependent after you are 65 years old.
•Policies that provide coverage only for prescription drugs.
•Policies that pay for the loss or damage of your contact lenses.
•Policies that offer coverage for hospitalization and other medical fees, including surgical fees.

Premiums paid for life insurance policies or for policies providing repayment for loss of earnings, or for the accidental loss life or limb, etc. are not tax deductible.

For free tax advice for dealing with anything like this, please visit our website by clicking the link below. If you find yourself in need of professional counsel and need to speak with us immediately, call us today at 713-774-4467. With over 30 years of experience, there is nothing we haven’t seen and nothing we can’t handle. Call Joe Mastiano, P.C. for any IRS problem you may be experiencing.

More information can be found online at http://www.taxproblem.org/income-tax-breaks-blog/tax-shelters/tax-deductible-medical-insurance-premiums-2/

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