What Medical Expenses can I Deduct
When preparing your tax return, you will naturally want to find the maximum tax deductions that you can. If you ask yourself the question, “What medical expenses can I deduct?” you will be able to pinpoint numerous expenses that are in fact tax deductible. Most medical expenses are tax deductible; if you take the time to identify these you could be saving hundreds or even thousands of dollars per year.
Any money spent on the prevention or treatment of an illness are tax deductible. Money spent on dealing with a physical disability or illness is also deductible. If, for instance, you had an annual doctor’s checkup, an MRI scan or CT scan, then you may deduct these expenses from your taxes. You can also deduct any necessary dental work. Chiropractor visits can also be deducted from your income taxes, so long as the chiropractor you are seeing is licensed in your state.
If you are physically disabled or have a dependant who is physically disabled, then you can claim tax deductions on funds spent for care and rehabilitation. If your house must be remodeled to deal with the disability, then you can take a tax deduction for this. If you have to buy a wheelchair van, then this cost is also deductible. Special phones for the hearing impaired, the purchase of a seeing eye dog, eyeglasses, hearing aids and even prosthetic limbs are all tax deductible expenses.
You may also claim deductions if you or a dependant has an addiction or mental health problem. Alcoholics Anonymous club meetings are deductible. If a child or spouse is mentally impaired in any way, then costs relating to treatment and therapy are deductible.
While there are numerous medical costs that are tax deductible, there are some which aren’t. First of all, any cosmetic medical procedure will not be deductible. This includes liposuction, having your teeth whitened, breast implants and the like. Braces are in the category of cosmetic dental procedures, unless you have more serious issues with your teeth and the braces are a necessity. Any required medical procedure is not tax deductible until it is carried out. For example, if you have paid for a needed back procedure in December, but the procedure is not scheduled to happen until May, then you wouldn’t be able to deduct if from your taxes this year. Things which pertain to general health care (i.e. gym visits, the purchase of vitamins, etc) are not tax deductible.
Filing taxes is not a simple or easy job. There are lots of papers to fill out and details to remember that can be easy to miss possible tax deductions that can help you and your family to save a lot of money. If you or a dependant has had required medical treatment, then you can deduct the expenses for this from your tax return this year.
If you want much more on this subject, please go to Tax Services Denver.
Please also visit: Tax Preparation Denver, which is a blog on the topic.
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