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Special Message from Stuart:
In the November 12-13 weekend edition of the Wall Street Journal, there was an article by Laura Saunders in her column the Tax Report on
the “Special Tax Deductions for Special Education”. In reality the article is about how the children that fall into the “special needs” category have education and medical tax deductions that have specific applications for them. Parents need to familiarize themselves with these deductions to make the best use of these tax breaks allowed.
For example , the Internal Revenue Service has allowed a $5,000 deduction for a medical deduction for modifications made to a small house for a student who because of his needs couldn’t live in a dorm, and they allowed a $9,000 deduction, (the equivalent of what room and board would have been), because of the medical necessity of living off campus.
Tax rules allow medical deductions for “diagnosis, cure, mitigation or treatment …primarily to alleviate or prevent a physical or mental defect or illness” (IRS publication 502) “Families who hope to take large medical deductions for special-needs children probably need expert tax advice. The deductions have to be prescribed by a doctor or licensed health care professional before they take place.” are among the several tips provided by Mike Walther of Oak Wealth Advisors.
There are many other examples and resources mentioned within the article and I would recommend that parents take a moment to read the article which is available on line at: http://online.wsj.com/article/SB10001424052970203537304577030453437780894.html?KEYWORDS=special+tax+deduction
While we cannot assist you in preparing your income tax return or offer you specific tax advice we believe this is something you should be aware of and discuss with your income tax preparer.
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Our firm, Stuart T. Wilson, C.P.A., P.C., provides fiscal intermediary services to Participants in the self-determination programs of the community mental health organizations of Michigan. We have prepared this website to assist program participants; their families and friends; case managers and other stakeholders with questions they may have about the self-determination program and the role of the fiscal intermediary. We hope that you find this website beneficial.
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December 2011 NL
