A few personal costs can be deducted from your own personal charges.
Spending on charitable contributions and unreimbursed medical expenses, for instance, can still be deducted from income taxes.
Since the section of the Tax reduction and Occupations Act (TCJA) of 2017, people can never again deduct unreimbursed operational expense.
Despite the fact that tax deductions do not constitute a direct reimbursement, they do have an ancillary benefit in that claiming these expenses as a deduction can lessen your year’s tax burden.
Lisa has a $2,500 consolidated deductible. She has proactively paid $2,350 in personal costs toward her deductible and presently needs to buy $150 worth of professionally prescribed medication.
Lisa’s personal expense will be $150. However, her annual combined deductible has been met.
