For many families, healthcare costs can add up over the course of a year and represent a fairly significant tax deduction. Depending on your health insurance co-pay it could take a big bite out of your budget. Keeping track of your healthcare costs may be beneficial at the end of the year when you do your taxes. It can be easy to lose track of those expenses and the amount you’ve paid out of pocket if you don’t have a central place to record all of those expenses. Liz emailed and asked if I could put together a healthcare costs log, an idea I loved because this is my least favorite part of doing our taxes as well.
With this form, you can track each expense — whether it’s a prescription, doctors visit, or lab test, with all of the information you need, including the date, who it’s for, who the provider is, a description of the product or service and the amount paid. There’s a checkbox on each line for you to record once it’s been sent to your insurance company, HSA account, or whoever you may need to send it to.
Use this sheet to organize your records as you prepare your taxes this year, or start keeping track of healthcare expenses now so that you’ll be ahead of the game next year!
The IRS website has a list of healthcare expenses that are deductible.
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