Did you know that you may be able to deduct the cost of a massage from your income taxes? Taking the time now to investigate potential deductions can help you prepare for next year's tax season. It may even save you money later!
The following is a brief overview on medical expenses. It is not meant to replace a consultation with a tax advisor. To learn more, go to the IRS website and speak to your personal tax advisor.
Medical Expenses:
You can only deduct your medical expenses from your federal income taxes if you file a Schedule A form for itemized deductions. And it's only worth itemizing if your combined deductions exceed your allowed standard deduction.
Your itemized deductions can include your state and local income taxes, mortgage interest and real estate taxes, charitable contributions (cash and property), certain casualty losses, and certain work-related expenses, PLUS any amount over 7.5% of your adjusted gross income that you spent for medical care.
Your medical care expenses may include medical insurance, doctor and hospital bills, prescription costs, some Medicare costs, and miscellaneous health care expenses. These may even include costs for making alterations to your home prescribed for your medical condition, removing lead from your home, enrolling in stop-smoking programs, receiving dental care, and paying any travel-related expenses to get to your medical care, including mileage. Also included is admission to medical conferences that relate to your health. Other potentially deductible expenses include breast prostheses, specialized bras, and various salves and lotions for wound and skin care.
