1. The IRS considers travel expenses to and from medical treatments to be tax deductible.
2. When you made payments for insurance from your already taxed income, you can list this under your itemized deductions as well. Make sure that you take note of how long the insurance is for as they have certain limits depending on your age.
3. Simple medical treatments such as eyeglasses and contact lenses are also tax deductible. Although they may not seem to be medical expenses, the IRS has given you the chance to benefit from them.
4. If you had a checkup and your doctor orders you to install a certain medical equipment in your home, the equipment itself and the electricity costs needed to operate it may qualify to be deductible. They may not be entirely deductible but they can be, at least partially.
5. Expenses which made you suffer an illness or a dependent can be deductible. Keep in mind though, that itemized deductions will not include meals and lodging costs.
6. Surgeries conducted to correct vision such as laser vision corrective surgery is also a tax-deductible procedure.
Listed above are some of the most overlooked tax deductions that people miss. However, people who are health-conscious can also benefit from the IRS. Weight-loss programs that are medically necessary and recommended by doctors can now also count as a deductible medical expense. If you have or your dependent has special needs, there are costs that you can add to your list of deductibles. You can include wheelchairs, hearing aids, crutches, etc.
Medical tax deductions are not limited to hospital and medical equipment expenses. When you have specialized needs, home changes can be written off as well. These changes include installing ramps, widening doors, lowering counters and cabinets, adjusting fixtures, improving landscape for easy access and buying a chair lift. To make sure that these changes can qualify, make sure that you have a recommendation from your doctor. The recommendation should state the importance of the change in your home to help improve your medical condition. On the other hand, if you include home changes that will increase your house’s value, the only deductible expense will be the difference of the amount subtracted from the project’s cost which increases your property value.
While there are other medical expenses and surgeries, anything related to improving your physical appearance is not tax-deductible. These include cosmetic surgery, health club dues as well as weight loss programs that are not medically recommended by your doctor. Always be honest when listing down the areas which qualify for deductions to avoid having complications in the future. It would be best to go over your credit report and credit scores with a qualified tax adviser so he or she can help you identify the items that you can add to your itemized deductions. Aside from that, he or she might even point out more deductible areas that you might miss.
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