Financial Tips

Breastfeeding is the Best Value in Memphis Pediatrics


Issue: This week, the IRS announced that moms can pay for expenses related to breastfeeding with pretax dollars.  The decision makes the cost of such things as breast pumps and nipple shields “tax deductible” What it means: You can use your Flexible Spending Account money, use your Heath Savings Account money, or claim itemized deduction for the costs associated with breastfeeding. Depending on your tax bracket, you will receive an actual savings of between 10 and 35 percent of your expenses.  If the cost of a pump and the related supplies is $1,000, you would save between $100 and $350 on your taxes. The only gotcha: If you do not have a Flexible Spending Account through your employer or your own Health Savings Account, you probably will not be able to save any tax dollars.  To claim an itemized deduction for medical expenses, your total medical expenses for the year […]