5 Unusual Deductible Medical Expenses

These are unusual deductions that you may not be aware of. You can deduct the cost of YMCA day camp designed for children with disabilities. Exercise programs are deductible as medical expenses if recommended by a doctor for treatment for a specific condition. Cost of guide dogs for physically disabled persons, acupuncture, and sex therapy at a hospital upon doctor's advice are also all deductible medical expenses.

Extensions

Individual tax returns for 2013 can be extended to 10/15/2014. You can't extend the time to pay your taxes which were due on April 15, 2014, only the time to file the return. Any unpaid tax is subject to interest and late payment penalties until you pay it. Georgia charges 1% a month on unpaid taxes. Estimated taxes for 2014 which are due quarterly on 4/15/14, 6/15/14, 9/15/14 and 1/15/15 are also difficult to calculate without having done the 2013 tax return. Partnership and corporate returns for calendar year 2013 can be extended to 9/15/2014. You will have to pay a small penalty on the Georgia net worth tax for Sub S corporate returns filed later than the original due date of 3/15/2014. To avoid surprises, it is a good idea in my opinion to file these returns as soon as possible. Don't wait until the last minute.

Inherited IRAs

If you inherit an IRA from a spouse, you can treat that IRA as your own and all the regular rules concerning IRAs apply. If you are a non spouse beneficiary, then you are under a whole new set of rules. You can't make contributions to an inherited IRA, you can't roll over any of the inherited IRA to your own IRA, and one good thing; you don't have to pay the 10% early withdrawal penalty on distributions. There are required minimum distributions for inherited IRAs for non spouse beneficiaries. If the original owner of the IRA died before their required beginning date of distributions (generally age 701/2), then the distributions have to be taken out over the beneficiary's life expectancy. If the original owner died after the required beginning date, then distributions have to be taken out over the longer of the remaining life expectancy of the deceased per the tables in IRS publication 590 or the beneficiary's life expectancy.