Are Your Medical Expenses Tax Deductible?

Hardly anyone enjoys the prospect of paying for medical attention.  If you did pay for medical expenses during 2016 tax year, do you plan on claiming them as a tax deduction?  You can if your expenses fall into the IRS’s Medical and Dental Expenses code.  The code requires that your medical expenses exceed ten percent of your 2016 adjusted gross income (if you are over the age of 65 then the rate is 7.5%).  Do you fall within this taxpayer category?  If so, continue to the following information.  If you are not sure or are confused about how to calculate this properly, give our team a call.  Pacific Tax & Financial Group is a long-standing, professional tax service providing year-round assistance.  (760) 471-2040

A Full Definition of Medical

Medical expenses according to IRS tax definition includes dental, vision, and procedures that involve doctor visits.  Sometimes taxpayers make the mistake of not counting any of these under their medical expenses.  Hence, it is important not to overlook expenses like:

  • Dental cleanings
  • Braces & Orthodontics
  • Crowns, bridges, root canals
  • Eye exams
  • Contacts, glasses, and procedures like LASIK
  • Medical devices (hearing aids, pacemakers, monitors)
  • Psychological treatment
  • Prescription medications

As a taxpayer, you even have the right to add in any expenditures used towards medical care such as travel expenses to a medical facility and insurance payments.

Deduct With Caution

Some taxpayers mistakenly deduct some items twice.  For instance, if your employer has reimbursement in place for certain medical checkups or preventative measures, you should not deduct these.

Additionally, some procedures and items do not qualify because they are not health-related.  Hence, cosmetic surgeries, cosmetic dentistry, and non-prescribed medical items will not satisfy IRS deduction standards.  This is noteworthy for individuals who choose alternative medicines or all-natural herbal medical solutions.

Itemizing your medical deductions is necessary if you want to receive their full tax benefit.  If you need help doing so, feel free to give Pacific Tax & Financial Group a call.  We have a team of certified tax professionals that know IRS tax code exceptionally well.

(760) 471-2040