NEW Source, Issue 5, January 1992 Page: 1
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.: .....January 1992
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A monthly publication of The PWA Health Group of Texas, Inc.
After Fun Comes the Form
Post-holiday period proves a taxing time
by Matt Earnest
The cosmos is situated in such a way that
just when we mortals are enjoying the holidays in
the old US of A, when we're jingling our bells and
stuffed full of holiday spirit, we have to think about
our taxes. Just as Santa goes back up the chimney,
Uncle Sam is knocking at the door. It actually
makes perfect sense to figure tax information for
one year at the beginning of the next, but you must
admit it's a tad harsh the way it works out.
At any rate, we have a bit of tax news which
could brighten your financial despair. Many of you
are probably aware of this already, but for the ones
who called and asked us, and for the ones who
didn't call but are still as ignorant as we were,
here's the scoop: Your alternative therapy or
therapies are deductible on your tax forms as
medical expense if they meet a few basic criteria. 1)
Hopefully you have a prescription from your doctor
for whatever products you use. 2) Naturally, the
amount paid by your insurance company must be
subtracted from the amount you deduct as medical
expense. By the way, if your insurance company
pays for any or all of your alternative therapy, hold
onto them for dear life -- you either found them
before you were diagnosed, or you're just a lucky
duck. 3) The amount you have spent on your
alternative(s) for the year must be at least 7.5% of
your adjusted gross income. If your medical
expense is less than 7.5% they apparently don't
consider it a medical expense anymore, a fact we
find very odd, but there it is.
For more specific information you can call
the IRS office in your area, as was mentioned
before, or pick up a 1040 long version of the tax
form and the accompanying information booklet
(page 116 deals with medical expenses and
deductions). Remember, this information is for
federal income tax only. State and/or local tax may
be a factor in some states.
So fill out those forms, deduct those medical
expenses, and have a great January in spite of the
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Dallas Buyer's Club. NEW Source, Issue 5, January 1992, periodical, January 1992; Dallas, Texas. (digital.library.unt.edu/ark:/67531/metadc271486/m1/1/: accessed November 23, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Special Collections.