How to Deduct Your Medical Expenses
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Finance > Tax Tips
Mar 1, 2007
Christine P Silva
How to Deduct Your Medical Expenses
Well, the bad news is you have medical expenses-- but the good news is-- they may be deductible! The IRS allows taxpayers to deduct medical expenses on Schedule A of their income tax return. Now, your medical expenses have to be substantial-- 7.5% of your income. But the good news is that most people actually forget many of their deductible expenses over the course of the year. Besides all of your normal deductions, like health insurance costs and co-pays, you can deduct all of these other items:
1.Vision Laser Correction
2.Braces, Dental Implants
3.Braille Books
4.Birth Control Pills and any other pregnancy related services.
5.Extra Costs for a Nurse/ Attendant
6.Therapy Visits, physical and psychological
7.Counseling
8.Legal Fees to Authorize Payment for a Mental Disorder
9.Stop-Smoking Programs
10.Special Education for a Disabled Child
11.Drug Addiction Treatment
12.Special Diets for medical conditions
All plastic surgery that is corrective, like breast reconstruction, is deductible. There are even some instances where non-corrective plastic surgery is deductible. Check with your financial advisor if you are unsure. These are just some examples of medical expenses that are deductible. The list is much longer. Look on the web or ask a tax advisor if you're unsure.
1.Vision Laser Correction
2.Braces, Dental Implants
3.Braille Books
4.Birth Control Pills and any other pregnancy related services.
5.Extra Costs for a Nurse/ Attendant
6.Therapy Visits, physical and psychological
7.Counseling
8.Legal Fees to Authorize Payment for a Mental Disorder
9.Stop-Smoking Programs
10.Special Education for a Disabled Child
11.Drug Addiction Treatment
12.Special Diets for medical conditions
All plastic surgery that is corrective, like breast reconstruction, is deductible. There are even some instances where non-corrective plastic surgery is deductible. Check with your financial advisor if you are unsure. These are just some examples of medical expenses that are deductible. The list is much longer. Look on the web or ask a tax advisor if you're unsure.
Article Source: http://www.articlerich.com
Christine P Silva, BA, CRTP, lives in California with her husband, two children, and three spoiled cats. She earned her undergraduate degree from San Jose State University, and her advanced accounting certificate and tax license from Cosumnes River College. writes primarily non-fiction material, and enjoys writing about financial wellness, income tax matters, health, and senior issues. Please visit her website at www.vrpp.org/
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