What Medical Expenses are Deductible
When preparing a tax return, you must always be looking for any tax deductible expenses that can save you and your family money. A good question to ask yourself is, “What medical expenses can I deduct from income taxes?” The good news is that there are many medical expenses that may be deducted from taxes, thus letting you save hundreds or even thousands of dollars per year.
If you spent money on preventing an illness, treating an illness or coping with the effects of an illness or handicap, then the Internal Revenue Service allows you to write these expenses off of your taxes. Some examples of tax deductible medical expenses include an annual doctor’s checkup and a CT or MRI scan that has been ordered by a doctor. Needed dental work is also tax deductible. Chiropractor visits are also deductible if you have been diagnosed with a back problem.
If you or one of your dependants are physically handicapped, then you may deduct funds that are spent towards care and any items that are needed to accomodate the handicap. Home adjustments such as wheelchair ramps are deductible. The purchase of a wheelchair van can also be deducted from your taxes. Other related costs that are tax deductible include hearing aids, specialized telephones for the hearing impaired, the purchase and training of a Seeing Eye dog, eyeglasses and prosthetic limbs.
Expenses related to mental health care are also tax deductible. If you attend Alcoholics Anonymous meetings, you can deduct travel expenses to and from the meeting. If your child has a mental handicap, then special items acquired for his/her care and well being can also be deductible.
There are a number of medical expenses that are not tax deductible. Cosmetic surgery and procedures aren’t tax deductible. Some examples of such procedures include removing non-cancerous moles, having your teeth whitened, getting hair implants, liposuction, etc. If you got braces and did not absolutely need them, then you cannot deduct these from your taxes. Medical expenses of any sort are not tax deductible until you have paid the money and the procedure has been completed. Paying in advance for an upcoming medical expense will not allow you to take a tax deduction on the expense, as the work would need to be done before you can take a deduction. While going to the gym and taking vitamins can help to prevent illness, these costs cannot be deducted from your taxes.
Filing taxes is not an easy job. If you are not very careful, you could miss deductions that would enable you to save a great deal of money. If you, your spouse or one or more dependant children have had medical treatment to prevent a sickness, cure a sickness or deal with the effects of a sickness or handicap, then you can deduct these expenses from your taxes.
For anyone in the Denver area, take a look at Tax Preparation Denver for a great deal more tips and how to get a consultation.
Please also be sure to check out this blog: www.taxpreparationdenver.net.
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