What Medical Expenses are Tax Deductible and Which are Not
When preparing your tax return, you must always be looking for any deductible expenses that will save you and your family money. One of the first questions you should ask yourself is, “What medical expenses can I deduct?” The good news is that there are many medical expenses that may be deducted from taxes, thus letting you save hundreds or even thousands of dollars per year.
The IRS 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. For instance, your annual medical checkup is tax deductible, as are full body scans, as these medical procedures help to prevent illness. 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 visiting is licensed by the state. For people in the Denver area, take a look at [www.taxpreparationdenver.net Tax Preparation Denver] for even more tips and how to get a consultation.
If you or one of your dependants are physically handicapped, then you can deduct funds that are spent on care and any items that are needed to deal with the handicap. If your house must be modified to deal with the handicap, then you can claim a tax deduction for this. If you have to obtain a wheelchair van, then this cost can also be deductible. Other related expenses 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.
You may also claim deductions if you or a dependant has an addiction or mental health problem. Alcoholics Anonymous club meetings are tax deductible. If a child or spouse is mentally handicapped in any way, then expenses relating to treatment and therapy are deductible.
While a lot of medical costs are tax deductible, not every one is. First off, any cosmetic medical procedure will not be tax deductible. If you have had liposuction, cosmetic dental work or breast implants, then you can not write deduct these from your income taxes. If you got braces and did not absolutely need them, then you cannot deduct these from your income taxes. 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 needed back operation in December, but the operation is not set to happen until May, then you wouldn't be able to deduct if from your taxes this year. While going to the gym and taking vitamins can help to prevent illness, these costs cannot be deducted from your income taxes.
Correctly filing taxes is not an easy job. If you aren't paying close attention, you can very easily miss medical and other deductions that might help you to save quite a bit of money. If you or a dependant has had required medical treatment, then you can deduct the expenses of this from your tax return this year. Please also visit: [www.taxpreparationdenver.net Tax Services Denver], which is a blog on the subject.