Make the Most of Your Tax Deductions
Did you know that for 2017 and 2018 if your medical, dental and vision expenses exceed 7.5%, instead of the previous 10%, of your adjusted gross income (AGI) they can be deducted if you itemize on your taxes? The IRS allows deductions for expenses that are paid out of pocket toward office visits, surgeries and psychiatric treatment. It covers appliances such as hearing aids, glasses and contacts and false teeth. You can even include your travel expenses: the mileage to and from, parking fees, bus fare and hotel costs associated with all visits for you, your spouse and any dependents. The costs you pay for qualifying insurance premiums for policies that cover medical care are also permitted.
It does not include expenses covered by insurance or paid by a Health Savings or Flex Account. Other than insulin, non-prescription medications or purchases for general health, such as toothpaste, vitamins, diet foods or health club dues are not eligible. For a full list of instructions and qualifications visit www.irs.gov/uac/Claiming-a-Tax-Deduction-for-Medical-and-Dental-Expenses.