TAX TIPS FROM THE DARK KNIGHT

The CPA you need but not the one you deserve

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A broken back is almost as bad as paperwork

I’m Batman—and while Bane’s brutal blow has left me with a broken back, the ensuing rehab and physical therapy may offer a small silver lining on my tax return. Here’s what you need to know:

1. Medical Expense Deduction:

Rehab and physical therapy are considered qualified medical expenses if they’re primarily for the prevention or alleviation of a physical condition. Since my treatments are essential to recover from Bane’s attack, they qualify as necessary medical care.

2. Itemizing Deductions:

To claim these expenses, I must itemize deductions on my Schedule A. The total qualified medical expenses can be deducted only to the extent that they exceed 7.5% of my adjusted gross income (AGI).

3. Insurance Reimbursements:

Any reimbursements from insurance or other sources must be subtracted from the total expenses before determining the deductible amount. Every bit of recovery counts—and so does every dollar returned by insurance.

4. Recordkeeping:

Just as I track every detail in my operations, it’s essential to maintain meticulous records—receipts, invoices, and any documentation from my healthcare providers—to support my claim in case the IRS audits my return.

In short, while my physical recovery is a long road, the tax code may provide some relief by allowing me to deduct these vital medical expenses—provided I itemize and meet the necessary thresholds. Even in the face of adversity, precision and due diligence are my greatest allies.