Things to keep track of during your time in the NICU

Did you know that you can deduct medical-related mileage and medical expenses from your taxes?

Per the IRS.gov website "You may deduct transportation costs primarily for and essential to medical care that qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance can be deducted. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses. With either method you may include tolls and parking fees.   You may include in medical expenses the incidental cost of meals and lodging charged by a hospital or similar institution if your principal reason for being there is to receive medical care."

If you haven't already, start keeping track of your trips to the hospital or doctor offices. For 2010, the standard mileage rate for the cost of operating your car for medical reasons is 16.5 cents per mile.
 
That can add up and you should take advantage of it.

• Keep a notebook in your car or at home listing each visit that you make to the hospital. Note the date and where you were traveling from. This will ensure that you keep an accurate record.
• Use your car's trip odometer to track how far away the hospital is from your house, office or anywhere else your routinely travel from to get to the hospital OR use Google Maps to determine your roundtrip mileage using the route you take.
• Once your baby is out of the hospital, keep track of mileage for doctor visits as well
• Keep all receipts for medicine, equipment, and insurance co-pays. These expenses can also be deducted from your taxes.

Check with your tax preparer on all guidelines and rules before filing.  This IRS publication helps explain everything in more detail.  And this page also explains it really well.

This can be a huge savings when it comes down to it.