There is no way around it, healthcare is astronomically expensive for most Americans. For those that struggle with health conditions, it can be a game changer to find ways to save on healthcare. What many people don’t know is that you can deduct some medical expenses on your tax return. This can help save even if it doesn’t seem like much. Mark Dicus & Company is here to point out some of the medical expenses that can be deducted on taxes.
What Medical Expenses You Can Deduct from Your Taxes?
When it comes to deducting medial expenses on your taxes, the IRS allows you to deduct any expenses that exceed 7.5% of the taxpayers adjusted gross income (AGI). This includes things like doctors visits, hospital visits, diagnostics and more. However, here are some that aren’t as well-known:
– Alternative Medical Expenses: There are many people that are turning to alternative medicine with the rising healthcare costs we see today. Treatments like acupuncture, chiropractic care, naturopathic doctors and more can be deducted from your taxes. Just make sure you don’t try to deduct any supplements that haven’t been prescribed by a doctor as this is strictly prohibited.
– Infant Care Expenses: Having children is no small endeavor. It can quickly start to add up as you prepare for your bundle of joy to arrive. There are many infant care deductions that you should take advantage of though. These might include things like items needed to breast feed including pumps, creams, nursing pads and more. If your doctor has prescribed a prescription formula for your child, that is also deductible.
– Home Improvements for Disabilities: If you have a disability or a chronic illness that requires you to make adjustments to your home, they can be written off as well. This might include things like a ramp to gain access into your home, widening hallways, adding support bars and railings, and making modifications to your kitchen.
– Reproductive Health Treatments: If you struggle to get pregnant and have decided to do IVF or other fertility treatments, these are all tax deductible. Included in this deduction are also pregnancy tests, lab fees, and storage of eggs or sperm. Likewise, if you are trying to keep yourself from getting pregnant, all birth control and vasectomies are going to be tax deductible as well.
– Smoking Cessation Programs: If you are looking for one more reason to quit smoking, you might want to consider that joining a smoking cessation program is tax deductible. You should know that nicotine patches and other chewables are not though.
What is the IRS Rule for Deducting Medical Expenses?
On Form 1040, medical and dental expenses are deducted on Schedule A, Itemized Deductions. You can deduct only the amount of your medical and dental expenses that is more than 7.5 percent of your adjusted gross income shown.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you have questions about what you can and cannot deduct from your taxes this year, you can turn to Mark Dicus & Company to answer all of your questions. We will ensure you are taking advantage of all the deductions that are available to you. Call us today!