March 18th, 7:00 pm – 9:00 pm; Medical Expenses & Tax Deductions for Special Needs Families. Edward Goldsberry, CPA, will discuss tax deductions for expenses incurred by families with special needs children. He will discuss criteria and requirements for deducting medical expenses.
Some of the topics covered will be:
Medical Expenses in General
An individual is entitled to an itemized deduction for expenses paid during the tax year for the medical care of the individual, the individual’s spouse, or a dependent to the extent that such expenses exceed the 10% threshold. Medical expenses can be defined as amounts paid “for the diagnosis, cure, mitigation, treatment, or prevention of disease or for the purpose of affecting any structure or function of the body.” Qualifying medical expenses include doctor and dentist fees, hospital and nursing services, laboratory services, prescriptions and drugs, and health insurance. Qualified expenses may also include the cost of a “special school”.
Potential Tax Benefits of Medical Expenses
Taxpayers need to know that medical expenses can create potential tax benefits in a variety of ways.
•The expenses may be tax deductible as an itemized deduction. The amount deductible is only the amount by which unreimbursed payments for medical expenses exceeds 10% of adjusted gross income for the year (A 7.75% floor applies in some cases). Taxpayers whose expenses exceed this threshold are allowed a deduction to the extent of the excess. The expenses below the threshold are not deductible.
•The expenses may be reimbursed on a tax favored basis from a Cafeteria Plan even if total medical expenses do not exceed the 10% threshold. A Cafeteria Plan is a written plan that is funded by employee contributions on a pre-tax salary reduction to provide coverage for specified expenses, including medical expenses. Medical expense reimbursements are limited to $2500 per year beginning in 2013.
•Additionally, taxpayers may also be permitted to take distributions from qualified retirement plans for medical hardship. These distributions should be viewed as a last resort since the distributions are subject to both income tax and frequently additional potential penalties for premature retirement distributions. In limited circumstances taxpayers whose medical expenses exceed the 10% floor may be able to avoid penalties on the amount the taxpayer is allowed to deduct as an itemized deduction.
Mr. Goldsberry, CPA-International and Domestic Tax & Consulting Services, and former director with Pannell Kerr Forster of Texas, P.C. He has two sons with special needs.
Location: St. Peter's United Methodist Church @20775 Kingsland Blvd., In Asbury Hall (near the sanctuary), Katy, TX 77450. For more info contact Cynthia at email@example.com.
RSVP for free childcare to Sarah Morrison, special needs ministry coordinator at firstname.lastname@example.org. You do not need to RSVP to attend meeting.
Tax Strategies for Parents of Kids with Special Needs – Updated for Obamacare—Big changes in 2014!
For 2012 and prior years, medical expenses for most taxpayers were limited to the amount in excess of 7.5% of Adjusted Gross Income (AGI). Obamacare increases the AGI limitation to 10% for ALL taxpayers. Please go to the TACA website to learn more about 2014 changes and what you can claim on your 2013 taxes.
At least 17 children with autism are known to have died this year after slipping away from their caregivers. All but one of them drowned, evidence of a fascination that many children with autism have with water... Wandering has led to the deaths of more than 60 children in the past four years, and the fear of it can make daily life a harrowing, never-let-your-guard-down challenge for parents.
Read two rescue stories at the links below:
Project Lifesaver now has a solution and a new division specifically for Non-PLI areas, called “PAL” Protect and Locate. With the addition of PAL Project Lifesaver will help provide protection and safety to even more individuals who wander due to Autism, Down syndrome, Alzheimer’s, dementia, or other cognitive conditions. Please visit http://www.projectlifesaver.org/Pal-info/ for more information about how to subscribe to PAL.
GREAT NEWS! If you are in a PLI area, and the agency approves, you can get a transmitter directly from PLI for $95.00 and pay $25.00 per month. If not in a PLI area you can get PAL.
Houston Swim Club
Year-round children’s indoor swim lessons.
Tracy Laman, owner
1711 N. Fry Road
Katy, TX 77449
Year-round children’s indoor swim lessons. Has enrolled and worked with special needs children, but classes are not specific to autism.
KATY Aquatics SwimAmerica
5506 1st Street
Katy, TX 77493
For more information about Katy Aquatics Programs, send email to email@example.com.
A video for first responders by National Autism Association: http://www.youtube.com/watch?v=auJvlpWhb5E