Have you spent a lot of money on medical expenses this past year? You may be able to recoup some of those costs by claiming medical expenses on your taxes.
Which Expenses Are Deductible?
While not all medical expenses are deductible, there are a fair number of expenses that the IRS deems as a qualified expense. These include:
- Preventative care
- Dental care
- Vision care
- Mental health care
- And more!
In addition to this, the IRS also lets you deduct money that you spend on travel that is related to medical care. For example, if you have to take a bus, taxi, or your own vehicle to get to medical appointments, then you can deduct this on your taxes.
Which Expenses Are Not Deductible?
There are some medical expenses that the IRS will not allow you to deduct. Any medical care that you receive that is reimbursed by your employer or your insurance is not deductible. Also, there are other things, like cosmetic procedures and non-prescription medication that the IRS will not allow you to deduct.
Keep in mind that there are limits to how much you can deduct each tax year. For the 2018 tax year, you can deduct up to 7.5 percent of your adjusted gross income (AGI) for medical expenses. To learn more about medical expenses and your taxes, call on the tax pros at Taxation Solutions, Inc. today!