Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

newest first · ▶ plays the moment

Well, I don't think you can deduct Band-Aids. matched

But let's say you had surgery and you needed special bandages and maybe even you needed a lot of them. matched

That could be part of your medical expenses that are deductible. matched

Yes, that's right. matched

They aren't. matched

Only about 4 million tax filers out of maybe 160 million took it in 2020. matched

That's the most recent data we have. matched

But it's interesting that the average deduction was $22,000. matched

Wow. matched

Yeah. matched

So when it rains, maybe it pours. matched

I mean, nobody's happy about having medical expenses, but it can be pretty good to get a deduction when you have them. matched

Well, how it works is that there are two limits that trip up a lot of people. matched

One is that you must itemize your deductions on Schedule A. You can't just take the standard deduction. matched

Of course, 90% of Americans now take the standard deduction. matched

But the other thing is that you can only deduct expenses that are greater than matched

than 7.5% of your adjusted gross income. matched

Now, adjusted gross income includes your wages and investment income and things like that. matched

It does not include your deductions and your standard deduction. matched

So if a couple had $200,000 of income, then they couldn't deduct the first $15,000 of eligible expenses. matched

Showing 661–680 of 5,937 · page 34 of 297