If you are looking to save money the next time you file taxes, you may want to take the time to look into medical mileage deductions. Many people do not realize that they can deduct the miles driven to, from medical appointments, and to the pharmacy when you go to pick up prescription medication. If you have a medical condition that requires you to travel great distances, this can be a substantial savings.
In order to qualify for medical mileage deductions, the IRS requires you to itemize the money spent driving for medical purposes. You need to spend over 7.5 percent of the adjusted gross income you make per year, in order to qualify for the deductions. Itemizing can be as easy as keeping a log that accounts for every mile you travel to take the mileage deduction. You may want to keep documents you receive from doctor’s appointments or from prescriptions, you pick up at the pharmacy as proof in case the IRS audits you.
At the end of the tax year, you need to add together all of the miles that were driven for medical purposes. Next, you need to multiple the total amount by the amount dictated by the IRS as acceptable for mileage deductions. It has been 23 cents for quite a few years. After you have done the multiplication, deduct the total from the Schedule A itemization on your tax paperwork. Claiming medical mileage deductions may seem like a bit of a hassle, but it can be a great way to save money on your overall costs.
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