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.