Should I Claim Tax Deductions That Will Not Affect Taxable Income?
August 21st, 2009 by Unregistered User
I’ve got over 7.5% of my income in medical expenses but I have so many other deductions (mortgage, childcare, charitable contributions) (and I didn’t make much this year) that my taxable income is already at 0. It is going to take a fair amount of work to organize all my medical receipts to figure them out exactly.
My question: should I even bother with including a medical deduction? I know it won’t effect my taxes this year and it doesn’t seem like any of my deductions can be carried over till next year. Can anyone think of a reason why I should put forth the effort?
Related posts
Tags: bother with tax deductions, charitable contributions, claiming tax deductions that will not affect income, deductions that will not affect income, do i have to list all tax deductions, do i have to report all expenses, do i have to report all tax deductions, medical deduction, medical expenses, mortgage, no good to claim tax deductions, no taxable income, receipts, should i claim anyway, should i claim tax deductions, t effect, tax deductions that will not affect taxable income, taxable income, taxable income already at 0, too many deductions
Print Post Posted in 
One additional reason to put forth the effort depends on what your state taxes allow. For example, Ohio let’s taxpayers deduct medical expenses that exceed 7.5% of their AGI, without having to meet anything similar to a “standard deduction” threshold.
Check to see if your state income taxes allows for this deduction.
However, for you it might be similar to your federal tax situation — if you state tax liability is already “0″ then, it might not do you any good. (But, it’s well worth checking out.)