Medical Tax Deduction - All Your Treatments Can Help You
May we have a very good health in years to come? But due to some
difficulty, we might not be in good health. But we can always
make use of the government allowed tax benefits. Very few people
know and make use of the medical tax benefits. The flip side is,
you can avail it only if your bill is more than 7.5% of your
gross income.
Well, everyone can make use of the available liberty in the form
of medical tax benefits.
1. First rule is to cross the 7.5% mark and you do this by
trying to include all your family members. Anyone who is your
dependent can be included. The bill is of medical and dental
facilities including those who passed away this year.
2. Expenses like transportation from your residence to the place
of treatment can be included. IRS website shows how you can
maximize this and the calculations needed. This is not the only
expense that you can add. Weight loss programs, hearing aid,
dentures, false teeth, and other related medical issues are a
part of this.
3. Wheelchairs, crutches, hearing aids are also tax deductible.
If your house is renovated on the doctor's advice, then you can
recover the cost partially.
4. Also don't forget miscellaneous deductions. These include:
expenses made on legal abortion, acupuncture, eye surgery, drug
rehabilitation, prescription drugs and insulin, nursing home and
nursing services, ambulance service, hospital expenses,
laboratory fees, health insurance premiums, dependent fees paid
to physicians, surgeons, specialists, dentists, psychologist,
and other medical practitioners
Add these up, and any figure beyond the 7.5 per cent mark is tax
deductible.
On the flip side there are certain costs that are medical, but
which cannot be deducted. These include: cosmetic surgery,
gymnasium payments or costs of a weight loss program, hair
transplant and electrolysis operations, bottled water-still or
sparkling, dancing lessons, teeth whitening, maternity clothes
and diaper service.
I am sure if you try, you can get into the range which would
provide you with the relief. The idea is not to fall sick but
get something out of it, if you have already spent a fortune on
regaining health.