Deductions can be obtained in tax if the medical expenses fall in the category mentioned in the list provided by them. It include expense related to birth control pills prescribed by the doctor, legal abortion, organ donor, food facilities provided by the hospital during the treatment, service fee for the hospital, the expenses related to [...]
Under normal condition one does not have to pay any tax on life insurance death benefit. But it can be taxable if the amount paid exceeds a particular limit as mentioned in the rules. The amount will be included in the gross taxable income if the amount paid by the life insurance company is more [...]
It is possible to deduct long term care cost on tax returns. It is applicable to the person, his/her spouse or to his dependent if they are affected by chronic illness. According to the rules the reimbursed expenses that are above the 7 and a half percentage of Adjusted Gross Income can be deducted from [...]