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Keh for News If you itemize your tax return and your medical costs exceed 7.5% of your adjusted gross income, these expenses are deductible.Related Stories   Wernick: You don't need Soc Sec No. to file a tax return   Group helps New Yorkers with fake S.S. numbers   Former state tax worker stole thousands of identities   Editorial: Get real with TWU The?Internal Revenue Service offers a variety of benefits that could translate into thousands of dollars in savings for  Beats By Dre In Ear the nearly half a million disabled New Yorkers who rely on Social Security Disability Insurance benefits.Here's what you need to know:YOUR TAX RETURNGenerally, up to 50% of these benefits are taxable each year, though there's a chance you won't owe anything because your taxable income may be too  Cheap Dre Beats Studio low.Your tax bill is  Beats By Dre Headphones Sale determined by adding one half of your benefits to all of your other income. For 2010, taxes are owed on any amount that tops $32,000 for couples and $25,000 for individuals.Even if you don't   owe a cent, you should still file to take full advantage of any credits coming your way.DIVIDE THE PIEMany Social Security Disability Insurance recipients get a big initial lump sum payment after years of waiting for their money, creating a lot of confusion at tax time.A common mistake: claiming all the income for the current year, potentially pushing the taxpayer into a higher tax bracket. "You do yourself a big disservice," said  Best Buy Dre Beats Paul Gada, personal financial planning director at the Allsup Disability Life Planning Center.In fact, the IRS allows you to take this chunk of change and spread it over previous tax years using the current year's return.You avoid the time and expense of filing amended returns and potentially save money by remaining in a lower tax bracket.CREDITS AND DEDUCTIONSThere are a number of credits and deductions commonly   available to the disabled.An important one is the Earned Income Tax Credit, which is worth up to $5,666.The credit is refundable, meaning "any amount higher than your tax bill can result in a tax refund," Gada said.To be eligible this year, you or your spouse had to be employed for part of 2010; earned less than $13,460 to $48,362, depending on your filing status and the number of kids claimed; and had investment income of no more than $3,100.Other breaks to look into include the Credit for the Disabled - available to eligible taxpayers who receive taxable disability income from a former employer - and the Dependent Care Credit for eligible taxpayers who pay someone to care for their dependent or spouse so they can work or look for work.Check to see if deductions can reduce your tax bill, as well. If you itemize and your medical costs exceed 7.5% of your adjusted gross income, these expenses are deductible.Also, a higher standard deduction may be available if you're blind or visually impaired.pfurman@nydailynews.com
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