Dr. Friday discusses how to maximize itemized deductions, including mileage for charity, medical expenses, and long-term care deductions. She emphasizes identifying overlooked deductions that can help taxpayers reach the threshold for itemizing. For example, long-term care premiums can add substantial deductions, potentially pushing taxpayers over the itemization limit. Learn how to ensure no deductions are left on the table.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
When we think about itemizing, and many times I talk about mileage for charity, mileage for medical, and also talk about medical deductions, health insurance, any of these, but the problem is itemizing is difficult. But if you’re trying to find, maybe you’re close, and you’re sitting there going, well, if I only had a few thousand more in deductions, I would actually be able to itemize. And we don’t want to leave anything on the table. Keep in mind, if you have long-term care, you can deduct, if you’re 61 to 71, $4,710 of that long-term care. And if you’re married, obviously twice that, which may help kick you over when you’re dealing with the tax code. If you need help, 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.