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What Medical Expenses Can I Deduct From My Taxes?

Tax Law

Medical expenses happen to every one of us.  When we go to the mailbox and see a bill from the doctor or hospital, many of us cringe, afraid to open it and see the amount we owe.  Sadly, we’ll likely never look forward to getting those medical bills, or learning how much we owe in taxes this year.  That said, learning that you may be able to deduct some medical expenses from your taxes will help lessen the stress of seeing that medical bill in the mailbox.

In this article, we will discuss some of the medical expenses that you can deduct from your taxes, and cover how much you may be able to deduct. If, after reading this article, you would like to learn more, the Law Office of Mary E. King, P.L. can make sure that your tax planning and other issues are resolved efficiently and at the lowest cost to you.  Please fill out our online contact form, or call us at 941-906-7585 today.

1. What Medical Expenses will the IRS Allow Me to Deduct?

The IRS considers a great number of medical expenditures deductible. In order to qualify for the deduction, the medical expenses must be from the money you paid to doctors that fall into the realm of physicians, surgeons, dentists, and other medical providers.  The IRS’s website defines medical expenses as “the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part of the function of the body.”  This can cover a broad range of items.

Medical expenses included in this definition are things like medications, medical devices, medical equipment, doctor bills, and other miscellaneous supplies.  This list is pretty broad as well as vague, and it can be hard to figure out what the IRS puts into these categories, so call a tax attorney in Sarasota to help with medical deduction questions.

Some expenses that are deductible that you may not know about are:

1. Acupuncture
2. Artificial Teeth
3. Birth Control Pills
4. Breast Pumps
5. Chiropractor
6. Contact Lenses
7. Dental Treatment
8. Guide Dog or Other Service Animal
9. Hearing aids
10. Nursing Services
11. Oxygen
12. Psychiatric Care
13. Special Education
14. Wheelchair

In addition to the above-discussed items, insurance premiums that you pay for medical insurance are deductible. These must be premiums that you pay yourself, and not paid by your employer.  Also, they must be paid with after-tax dollars.  You can deduct qualifying lodging and transportation costs when traveling to medical appointments.  Long-term care insurance and long-term care cost are deductible as well.

This is a good general overview of what is deductible, but there are always stipulations with the IRS.  It is best not to make a final decision on what you deduct on your tax return without speaking to a tax attorney in Sarasota to verify that the IRS allows the deduction that you want to use on your tax return.

2. Who can Deduct Medical Expenses, and How Much Can You Deduct?

Medical expenses can be deducted for your medical care, your spouse’s medical care, and your dependent’s medical care.  

The amount of medical expenses that the IRS allows to be deducted is based on the adjusted gross income (AGI).  Any and all qualifying medical expenses that exceed 7.5% of your AGI can be deducted.  For example, if your AGI is $50,000, you would take $50,000 times 7.5% which is $3,750.  Consequently, you can deduct qualifying medical expenses you paid over that $3,750 mark.  

Continuing the same example, at the end of the year when you are going through your receipts, if you find that you paid $5,000 in medical expenses that qualify for the medical expense deduction, you can deduct $1,250 on your tax return. ($5,000 – $3750 equals $1,250.)  You want the highest deduction possible, and determining what the IRS will allow being deducted is something you will probably have questions about.  Contact a tax attorney in Sarasota for help. 

3. Items You Cannot Deduct.

You can only deduct from your taxes the expenses that you paid. You cannot deduct expenses that an insurance company paid to the provider, or that they paid to you directly. You cannot deduct any expenses paid in any other tax year besides the year for which you are filing your tax return. And you cannot deduct any money that you paid into a Health Savings Account, Flexible Spending Account, or Health Reimbursement Arrangement. 

Get the Help You Need from an Experienced Tax Attorney

Consider reaching out to the Law Offices of Mary E. King for help.  Tax matters can be complicated, and thus, it is always helpful to have someone in your corner who understands the tax law and deals with the IRS on a regular basis.  Indeed, beyond just the medical deduction questions, there could be other issues with which a seasoned tax attorney can help.  

So, when it comes to dealing with tax relief and tax litigation, you need to talk to a Sarasota tax planning attorneyMary E. King has spent her career concentrating on tax law and can help you in Florida and elsewhere. Attorney King has a wealth of information about what types of options would make the most sense for you and your business.

That helps explain why she’s received an A+ rating from the Florida Better Business Bureau.  If you have a tax-related issue – no matter how small or how large – setting up an initial consultation with Mary E. King, tax lawyer of Florida, is the first step you should take towards relief.

The Law Office of Mary King P.L. offers complete IRS problem-solving services including all areas from tax debt settlement to planning the most efficient tax strategy for individuals and businesses.  Call us today to schedule an initial consultation.  With years of experience as a tax lawyer in Sarasota for many clients, Attorney Mary E. King can make sure that your tax issues are resolved in your favor.  Fill out our online contact form, or call us at 941-906-7585.   Remember, at the Law Office of Mary E. King, we are focused on solving your tax issues for good.

The information in this blog post is provided for informational purposes only and is not intended to be legal advice.  You should not make a decision whether or not to contact an attorney based upon the information in this blog post.  No attorney-client relationship is formed nor should any such relationship be implied.  If you require legal advice, please consult with an attorney licensed to practice in your jurisdiction.

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