Finance Blog

Stay financially savvy with the Equifax Advisor.

Sign up for our FREE Monthly Email Newsletter


Thank you for signing up for the FREE Equifax monthly newsletter

In addition to keeping in the financial know, you may be interested in checking your credit score and report.

Understand your credit. Help protect your identity.

Equifax Complete™ Premier Plan

  • Know What May Influence Your Credit Score and Be Alerted of Changes
    Credit score monitoring with custom alerts
    Important Disclosure: The Equifax credit score and 3-Bureau credit scores are based on an Equifax credit score model and are not the same scores used by 3rd parties to assess your creditworthiness.¹
  • Help Protect Your Identity
    Automatic fraud alerts encourages lenders to take extra steps to verify your identity²
  • Lock Your Credit
    The ability to lock and unlock your Equifax Credit Report³
Save 75% your first 30 days with the purchase of Equifax Complete™ Premier

$4.95 for the first 30 days, then $19.95 per month thereafter. You may cancel at any time; however, we do not provide partial month refunds.4

¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.

²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.

³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.

4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.

Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.

Medical Tax Deductions Are Worth More Than You Think

Written by Eva Rosenberg on April 27, 2011 in Tax  |   No comments

Medical Tax Deductions Are Worth More Than You Think By Eva Rosenberg, EA Starting this article sent me on an extended Google search about a sweet client who died several years ago. Johnny came to me when the IRS audited his medical deductions. Johnny (not…

Medical Tax Deductions Are Worth More Than You Think
By Eva Rosenberg, EA

Starting this article sent me on an extended Google search about a sweet client who died several years ago. Johnny came to me when the IRS audited his medical deductions. Johnny (not his real name) had wasted the tax benefits that his medical costs could have provided. What I learned from his case can help others, too.

Household Employees and Nursing Care

Johnny decided to give up his deduction for the cost of his medical care providers—over $40,000. Why? Although Johnny was paying for round-the-clock care for his mother, and one shift for himself, he didn’t have these individuals on a payroll. He didn’t want to get them into trouble. This is a very common problem.

When paying anyone $1,700 or more per year, you must get familiar with IRS rules for household employees. That means setting up a payroll for them, hiring people through an agency, or leasing employees. Your tax professional can help you. If you don’t have one, contact a nanny service or payroll service to handle your payroll. You will still need to include a Schedule H on your personal IRS tax return.

Most or all of the cost of a nursing home or convalescent facility will also qualify as a medical expense. Note: retirement hotels are not necessarily care facilities. Those expenses might not count as medical costs unless they provide assisted-living services.

While you may not have $40,000 in expenses, if you pay for in-home care or residential care for yourself or a parent, you are quite likely to have deductible medical expenses.

Minimal or No Retirement Distributions

When you’re ill or in pain, you are not paying attention to tax planning. You’re simply trying to survive. Johnny was expending at this level for medical for several years before I met him. He used his own savings to cover the costs—another common behavior.

Had a professional looked at his finances, he or she could have told him to draw the money from his 401(k) account. The medical expenses would have offset most or all of the draws. He could have drawn down over $200,000 of that money tax-free before I met him. Instead, he died with over half a million dollars in his 401(k)—all of it taxable to his heirs.

Remember to look at the balances in all untaxed retirement accounts to see how much of it can be drawn tax-free or in the 10 percent tax bracket.

Health Insurance and Long-Term Care Premiums

Remember to include the Medicare premiums deducted from your Social Security checks. Annual long-term care premiums are deductible on a sliding scale, depending on age. Some places require a lump-sum payment for coverage or care. You cannot deduct that all in one year. The costs can be deducted over the life of the contract, or some other actuarial period of time.

Taking into account co-pays for prescriptions and costs for medical parking and mileage, therapies, hearing aids, vision aids, and lots more, a person who is elderly, infirm, or disabled can cash in on medical deductions—even if he or she is limited to 7.5 percent of adjusted gross income.


Eva Rosenberg, EA, is the publisher of TaxMama.com®, where your tax questions are answered. She teaches tax professionals how to represent you when you have tax problems. She is the author of several books and e-books, including Small Business Taxes Made Easy. Follow her on Twitter: @TaxMama

Read More:

Itemized Deduction, AMT, and Other Tax Nightmares
Do I Get a Deduction for My Gifts? Or Do I Get Punished for Being Generous?

The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.

No comments yet

Leave a Comment

Name :

Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.

Tax Archive