If you have made large payments covering your medical and dental expenses this year, then you have some good news to hear. IRS publication 502 provides you with information on how some of that money can be deducted from your taxes. Here is a brief review of what that document is about:
You can deduct medical or dental expenses from your taxes, if the total sum surpasses 7.5% of your family yearly net income. You may also deduct some expenses you have made covering medical bills of your dependents. Anything that is under 7.5 % cannot be deducted from your taxes. However, the good news is that you can include any medical and dental expenses you had this year regardless of when the services where provided to you or to your dependents. If you fall under the described opportunity to reduce your tax sum, you need to fill out Schedule A 1040A form.
IRS publication 502 also provides you with all the information you need to calculate the sum of money you can deduct from your tax. It also provides information on what kind of expenses can be considered medical and can be add to your annual health care costs legible for tax deduction.