Tax Deduction Expenses: Medical Tax Deductions

Medical Expenses Tax Deduction

 

Many people aren’t aware that they can deduct medical expenses on their income tax returns.  This could help reduce your tax bill.  So if you itemize your deductions on your federal tax return look at the possibilities of claiming your medical tax deductions.  Many people could also qualiy for medical tax deductions for home improvements.  This could include yourself, your spouse and any dependents.  Here are some easily overlooked medical tax deductions that you may qualify for:

· Premiums paid for long-term care insurance, medical and dental
· Medical insurance deductibles and co-payments
· Fees paid to doctors, dentists, chiropractors, and mental health physicians
· Payments to hospitals, long-term care facilities and services, nursing services and lab fees
· Cost of prescription drugs and insulin
· Price of prescription eyeglasses or contacts, hearing aids and false teeth
· Payments for acupuncture treatments
· Inpatient expenses at an alcohol or drug addiction treatment center
· Costs for smoking-cessation programs
· Participation in weight loss programs when they are related to a diagnosed disease, like hypertension or obesity
· Fees for laser eye surgery, crutches, wheelchairs, and guide dogs for the deaf or blind
· Transportation costs related to and necessary for qualified medical expenses

How to Claim Medical Deductions

 

You may only deduct medical costs if they are more than 7 1/2% of your adjusted gross income set by the Internal Revenue Service.  These are only the costs that were not reimbursed by your insurance company.  Make sure you obtain these records for proof of your out of pocket expenses.  You will need to file a 1040 form schedule A.  You can learm more about medical tax deductions on the IRS website online or ask your certified public accountant.

Federal Income Tax Medical Expense Deductions

 

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