What Medical Expenses are Deductible
Anyone preparing his or her tax return should be on the lookout for 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?” The good news is that many medical expenses can be deducted from your taxes; you can also deduct such expenses for your spouse and/or dependant children.
The Internal Revenue Service allows medical tax deductions if the funds were paid to treat an existing illness, prevent an illness or deal with the effects of an illness. If, for instance, you had an annual checkup, an MRI scan or CT scan, then you can deduct these expenses from your taxes. You can also deduct any necessary dental work. Chiropractor visits are also deductible if you have been diagnosed with a back problem. If you want more on this topic, please read [www.taxpreparationdenver.net taxpreparationdenver.net].
Money spent towards care, therapy and the rehabilitation of a handicapped person is also deductible. House modifications such as wheelchair ramps are deductible. If you have to obtain a wheelchair van, then this cost is also deductible. 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.
A person who has an addiction or mental illness may also claim a wide range of deductions. If you go to Alcoholics Anonymous meetings, you can deduct travel expenses to and from the meeting. If a child has a mental handicap, then special items obtained for her care and well being can also be tax deductible.
While many medical costs are tax deductible, not every one is. Cosmetic procedures that are not absolutely necessary are not tax deductible. If you have had liposuction, cosmetic dental work or breast implants, then you can't write these off of your income taxes. Braces fall under the category of cosmetic dental procedures, unless you have serious issues with your teeth and the braces are a necessity. You must also realize that you cannot deduct necessary medical expenses until the medical procedure has been not only paid for but also carried out. Paying in advance for an upcoming medical cost will not allow you to take a tax deduction on the cost, as the work would have to be completed before you can take a deduction. Costs pertaining to general health care, such as gym membership and the purchase of vitamins, cannot be deducted from your taxes.
Filing taxes is not a simple or easy job. There are so many 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 quite a bit of money. If you, your spouse or a dependant have had medical care in this past year, remember 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 deductible. Please also be sure to check out this blog: [www.taxpreparationdenver.net Click Here].