Did You Know Some Medical Expenses are Deductible?

Did you know that some of your medical expenses are tax deductible? Deducting the applicable ones is a smart move since it can reduce your tax liability.   

The basic rule is that if your medical bills are over 7.5% of your income, you can claim your medical expenses for a deduction.

What is Eligible?

If you pass the above requirement, you’ll be glad to know that there are lots of costs you’re allowed to deduct. You can deduct fees associated with dental care, vision care, and general medical expenses. Thus, if you have to buy glasses or dentures, for example, you could deduct the cost of those items.

You can also deduct your monthly insurance payments as long as they are not paid pre-tax. Other things you can deduct include:

l  Travel expenses related to visiting the doctor or receiving other healthcare

l  Preventative care

l  Surgeries

l  Psychological treatment or counseling

l  Prescription medication

l  Medical devices

What Doesn’t Count?

Unfortunately, not every single medical or health related expense can legally be deducted.

For example, you can not claim a deduction for any expense that you were reimbursed for

Also, cosmetic surgery doesn’t count as a deductible expense either, unless it was involved in a life-saving procedure or was related to a health condition.

You also can’t get away with deducting every-day basics, such as aspirin, vitamins, or toothpaste.

If you have questions about what you can and can’t deduct or about how to claim deductions, a professional accountant is a great resource. These experts can help to ensure you’re deducting all the right expenses and getting the maximum benefit possible as a result. Be sure to contact an accountant before filing for medical related deductions.