UPDATE: With tax season now here, accountants are saying that many people think they don’t have enough medical bills to get them over the 7.5% deduction hurdle. To enjoy the maximum write-off, these experts advise that you know exactly what qualifies as a medical expense deduction.
Did you know that the following are tax deductible?
- Mileage, parking fees, and tolls for trips to the doctor, dentist and pharmacy
- TV and telephone adapters if you’re the hearing impaired
- Cost of meals at a hospital if you’re there to get medical care
Medical expenses that are often overlooked as include uninsured medical treatments, such as:
- An extra pair of eyeglasses or set of contacts
- False teeth
- Hearing aids
- Pregnancy test kits
- Rental for crutches
- Artificial limbs
- Improvements or special equipment installed in your home (e.g., grab bars, bathroom modifications, humidifiers, and warning systems*
*Costs to operate and maintain these items are deductible if their main reason is for medical care.
For a complete list of what you can and cannot count as a deduction, check out Publication 502 on the IRS website. It may save you some money.