With the change in the healthcare and the implementation of Obamacare, the health insurance landscape has just about everyone scratching their head. Add to that tax reforms beginning in 2018 and it’s no wonder people are confused about how to handle these expenses on their returns. Medical expenses are something you always want to deduct on your tax return when you can.
2018 offers a lot of savings that apply. Don’t forget to add Medical premiums to your Schedule A. Vision care and products can be another big expense for those of us that need glasses and/or contacts – include this. Hearing aids and the out of pocket expenses associated with provider visits are deductible. You don’t have to pull your hair out when teeth are pulled. Dental expenses are deductible. Prescriptions too.
So, when does it make sense to itemize? For 2017 and 2018, medical expenses are only deductible once they exceed 7.5% of your Adjusted Gross Income (AGI). This changes in 2019, but let’s not get ahead of ourselves. Here are some items you may not have considered:
Expenses for weight loss programs if you’re working to burn off fat after the diagnosis from your doctor of a specific illness and an associated recommendation for a lighter you.
Many fail to claim some pretty sizable sums because they don’t know they can. When it comes to your health, you can lower your blood pressure by tracking costs for tax savings later. Learn what is allowed and you may find funds for that vacation you need.
*This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. The information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.