NJ Tax Payers: Make Sure You Always Claim Your Medical Expenses

A 30-second read by Nicholas Scheibner:  New Jersey is certainly not known as a “tax-friendly” state.  However, the garden state has a much lower threshold on medical-expense deductions than the federal government. New Jersey allows certain non-reimbursed medical expenses to be deducted after they exceed only 2% of your gross income

A few examples of things you should make sure you keep track of throughout the year:

  • Medicare Insurance Premiums
  • Dental Insurance Premiums
  • Doctor Co-pays
  • Out-of-pocket Prescription Costs
  • Eyeglasses and Vision Exams

This is commonly overlooked by taxpayer’s who do not itemize their deductions.  However, if you make $60,000 gross income per year, 2% is only $1,200.  For most people, their medical expenses will exceed that 2% as long as they keep track of all of them.

As always, if you have any further questions, don’t hesitate to contact the Baron Financial Group Team.

Disclosure: This material is not intended to be relied upon as a forecast, research, tax or investment advice.  Please consult your financial planning and tax professional for personal advice.