The taxes we pay is one of the government’s revenue sources that they will use to pay for workers and fund projects or state-owned services such as healthcare, education, and security or defense forces.
The government makes those services and projects to provide their residents a safe and sound way of living. Even though we are still the ones who will benefit from the tax money we are paying, it is still best if you can lessen the amount that we pay. It can be helpful, especially if we already have many expenses on our plate, such as medical expenses.
This is why the government offers individuals a chance to deduct some medical expenses from their taxes, such as:
Yes, you read it right. Even weight-loss program costs can be tax-deductible. Once a physician declares that you currently have a dangerous weight and can put your health at risk, you can deduct all the expenses you will pay to ensure that you will lose weight and reach the healthy weight limit.
However, the deduction is only limited to any weight-loss program prescribed by your physician. Your physician must prescribe you a weight-loss program that treats a specific disease for it to be able to qualify as a tax-deductible medical expense. Things such as a gym or club membership are considered as Non-Qualifying Medical Expenses and will not be considered tax-deductible by the IRS.
Payments to Medical Practitioners
The first medical expense you must know that can be deducted from your taxes is the payments you made for your physician. It can be a dentist, medical doctor, surgeons, psychiatrists, chiropractors, and other ophthalmologists, and other medical practitioners, no matter what physician it is.
Hospital and Nursing Home Care
Aside from the payment you made to a physician during medical examinations, you can also deduct hospital and nursing home bills from your taxes. This also includes the cost of a caregiver if you could not manage the patient’s task.
Rehab Treatment Program
In addition to hospital and nursing home care, you can also deduct your expenses in rehabilitation programs. If you are undergoing rehabilitation or other family members like your children or spouse, you can remove the rehabilitation cost from your tax.
Any kind of rehabilitation is eligible for a tax deduction, whether physical, emotional, or mental, including drug rehabilitation programs. The deduction is limited to the treatment itself and applies to the lodging and meals of the patient.
Reproductive Health Cost
Pregnancy tests, birth control pills, and other reproductive health-related costs can also be an additional deduction from your taxes. The government also allows deduction of fertility treatments such as in-vitro fertilization or surgery for reverse vasectomy.
Eye and Ears Related Medical Expenses
Because a person’s overall health is essential, IRS also included ear and eye treatment or medication into their allowed tax-deductible expenses. This deductible includes prescription glasses or contact lenses, hearing aids, batteries, eye or ear exams, and surgery.
Dentures and medicines for your dental health are also included on the tax-deductible IRS allowed. Even cleaning, filling, dental implants, and any other dental-related work that your insurance plan is not paid for can also be deducted from your taxes.
Special Education Expenses
Particular medication and treatment for patients suffering from diagnosed mental, emotional, and physical conditions who need special attention are pricey. Even putting these patients to school can be a bit costly as they need to have special education to ensure that they are well-taken care of and that their unique needs are met.
The government knows and feels how heavy the responsibility of caring and spending for these patients is. Hence, they consider these expenses as medical expenses and are deductible from your taxes.
Suppose you have a medical condition that restricts your food choices, and your physician requires you to follow a strict special diet to manage your condition and prevent complications. In that case, this expense is also considered a medical expense.
However, only a portion of the particular food expenses is allowed to be deducted from your tax. Your doctor must also make a prescription regarding the special diet that will help you control your condition’s aggravation.
Medicines, Vitamins, and Supplements
We all know that our medical expenses are tax-deductible, but you might still not know that even vitamins and supplements can also be deducted from your tax. You only need to have a prescription of the said vitamins or supplements from your doctor specified to help a specific medical condition you are suffering from.
Now that you have an idea of what medical expenses can be included on your tax deductibles, you can now start keeping prescriptions from your physician so that you can deduct them on your following tax filing schedule.
If your medical expenses are too much for you to handle and paying taxes makes things worse in your finances, it is best to check what you can do to lessen the tax burden. One of the options you must consider is deducting medical expenses from your tax. This will help you pay a lesser tax amount and help you focus your finances on necessary medical expenses.