7. October 2013 09:04 / Author: Michelle Caruthers / Tax Deductions , Tax Tips / Permalink | Comments (0)
This October we have a checklist of things you should consider doing in the name of breast cancer awareness and your taxes.
- Get Checked Out: Early detection can be a key to survival so make sure to get regular check-ups. These visits are deductible as medical expenses if you itemize your deductions on a Schedule A. Expenses include everything from the actual doctor’s visit to transportation to parking costs so make sure to save all of your receipts in order to qualify. Also, the cost of most procedures, including mammograms are likewise deductible.
- Spread The Word: However you choose to spread the word, by wearing pink or sharing this article, awareness could mean that one more person feels encouraged to get a mammogram or takes the next step to ask about that lump. Awareness does save lives and that, in itself, is worth the little effort.
- Make A Donation: There are several wonderful charities that fund and support breast cancer research and awareness, who would welcome your donations. If you plan to claim the donation as a charitable deduction, be sure the IRS lists it as a qualifying organization and don’t forget your receipt.
- Give Your Time: If you’d rather donate your time versus your money, there are several opportunities to do so. You can help stuff race packets or serve water at the finish line during a 5K charity race or, you could sit with a patient during chemo. You can always find an organization with a need to fill. While you cannot deduct the cost of your volunteering time, you can claim out of pocket expenses which include mileage. Make sure to keep up with your receipts in order to do so.
- Educate Yourself: Cancer is the 2nd most common cause of death in the US, accounting for nearly 1 in every 4 deaths. About 1,596,670 new cancer cases are expected to be diagnosed in 2011 and about 571,950 Americans are expected to die of cancer (that’s more than 1,500 people a day). Certain lifestyle choices may increase your risk; find out what you can do to stay healthy and talk to your doctor.