What medical expenses are tax deductible? There are many ways to save on taxes. An efficient way is listing your medical expenses, expenses exceeding 10% of your adjusted gross income (AGI), are deductible. Find out more about what the IRS considers tax-deductible medical expenses!
What Medical Expenses Are Tax Deductible? 10 Deductions to Save You Money
1. Payments to Medical Practitioners
First, this seems obvious when asking what medical expenses are tax deductible. Doctors’ fees can eat up a large chunk of your income. So, you can list them as a tax deductible. Also, include fees from psychiatrists, physical therapists, or nontraditional medical practitioners. Are your dental expenses tax deductible? Yes! So, dental fees, exceeding 10% of your AGI count as tax deductions.
2. Transport Costs
If you suffer from a disease that requires frequent trips for medical care, don’t worry! You can include transport costs to the hospital under your itemized deductions. You can also include money you shell out for gas, parking, and toll booths.
3. Entrance Fees to Medical Seminars
Sometimes, people go to medical seminars to look for new physicians or treatments. Or, they go for their dependents with chronic illnesses. If these events have entrance fees, you can list these as tax deductions! Since they contribute to the prevention and treatment of a medical condition.
4. Drug Prescriptions
A lot of us use doctor-prescribed medicine to maintain medical conditions. These can also include mental health conditions. Since they work for the treatment of a disease, the IRS considers them a tax write-off. If the drugs aren’t prescribed, they won’t count as part of your deductibles.
5. Treatments for Addiction
Smoking, drug, alcohol, and addictions ruin lives. So, many doctors prescribe rehab programs to help patients overcome addiction. These programs can be written off as tax deductions. So long as they’re prescribed by a doctor.
6. Assistive Devices
Do you need eyeglasses or hearing aids? Or maybe you need to install a wheelchair ramp in your house? Then you can count these expenses as deductibles! You can save taxes by listing the costs of buying or installing assistive devices. These devices include what you need to deal with a disease or disability. And, they help you function normally.
7. Insurance Premiums
If you pay for health insurance or other long-term healthcare plans, you’re in luck. Since you can include these as tax write-offs, especially if you’re self-employed. These don’t include the parts of your premiums paid by your company’s health policy. Also, they don’t include your salary’s contributions to this policy. In addition, a health savings account (HSA) and other health plans can qualify as tax deductibles.
8. Hospital and Nursing Home Fees
Some of us have dependents who need long-term medical care in facilities. The fees incurred by these facilities can count as tax deductions. These include fees for board and lodging.
9. Doctor-Prescribed Weight-Loss Programs
Obesity is a serious health issue. So, doctor-prescribed weight-loss programs are considered medical expenses. These tax write-offs don’t include expenses like gym fees or dietary supplements. Also, this program needs doctor’s prescription to be a tax deductible.
10. Medical Expenses of Spouse and Dependents
Your medical and dental expenses aren’t the only things that can save you from taxes. You can also include the medical and dental expenses of dependents in your tax write-offs. The costs of your spouse’s medical needs also count as tax deductions. However, you can’t include their HSA, since they need their own HSA to qualify as a deductible.
Are you still curious about what medical expenses are tax deductible, and how? Then watch the video below!
What medical expenses are tax deductible? Lucky for you, the IRS considers several medical expenses as tax write-offs. So, look through your medical bills, and get that tax break!
Do you have any questions about what medical expenses are tax deductible? Then comment them below!
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