What Medical Expenses can I Deduct

Everyone preparing his or her tax return should find tax deductions that will save him or her a lot of money. One of the first questions you should ask yourself is, “What medical expenses can I deduct?” 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.

The Internal Revenue Service allows medical deductions if the money was paid to treat an existing illness, prevent an illness or deal with the effects of an illness. Some examples of tax deductible medical expenses include an annual health checkup and a CT or MRI scan that has been recommended by a doctor. You can also deduct any necessary dental work. Chiropractor visits can also be deducted from your taxes, as long as the chiropractor you are visiting is licensed in your state.
If you are physically disabled or have a dependant who is physically disabled, then you can take tax deductions on funds spent for care and rehabilitation. If your home must be remodeled to accommodate the disability, then you can take a tax deduction for this. The purchase of a wheelchair van may also be deducted. 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 can also claim deductions if you or a dependant has an addiction or mental health problem. Alcoholics Anonymous club meetings are deductible. Expenses incurred because of a mental handicap are all deductible.

While most medical expenses are tax deductible, not all are. Cosmetic medical procedures that are not absolutely necessary are never 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 problems with your teeth and the braces are a necessity. You should also realize that you cannot deduct necessary medical expenses until the medical procedure has been not only paid for but also carried out. For example, if you have paid for a necessary back operation in December, but the procedure is not scheduled to take place until May, then you wouldn’t be able to deduct if from your taxes this year. Expenses pertaining to general health care, such as gym membership and the purchase of vitamins, cannot be deducted from your taxes.

It takes a lot of time and work to file your tax return correctly. If you aren’t on the lookout, you can quite easily miss medical and other deductions that might help you to save lots of money. If you, your spouse or a dependant have had medical care in this past year, keep in mind that all required medical procedures, general health examinations, therapy and the purchase of items needed to deal with a physical or mental illness are all tax deductible.

If you would like much more on this subject, please read Tax Preparation Denver.
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