Did You Know you can claim medical expenses as tax deductions? This is meant to relieve those in dire situations and cannot pay for their medical care. But you have to be careful. You can only claim qualifying medical expenses. Claiming the wrong expenses could qualify as Tax Fraud, which carries criminal penalties.

IRS Considerations: So what are medical expenses? According to IRS publication 502 medical expenses are:

“…the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. They include the costs of equipment, supplies, and diagnostic devices needed for these purposes. They also include dental expenses.”

Say What? So what exactly does this entail? It means you can include only the medical and dental expenses you paid this year, regardless of when the services were provided.

What You Can’t Deduct:

-Vitamins

-Vacations

-Anything else that is merely beneficial to your health

What You Can Deduct:

This is just some of the official IRS list of items that you can include in your medical deductions.

-Abortion
-Acupuncture
-Alcoholism
-Ambulance
-Artificial Limb
-Artificial Teeth
-Bandages
-Breast Reconstruction Surgery
-Birth Control Pills
-Braille Books and Magazines
-Wheel Chairs

This Also Includes:

-Amounts paid for long-term care services

-Limited amounts paid for qualified long-term care insurance contract

-Amounts paid for Transportation

-Premiums paid for insurance

Work it:

Take advantage of your new knowledge. You have the right to claim medical expenses on your tax deductions. But do this with caution. If you are not sure whether you should claim something as a medical expense, consult with a professional or check IRS Publication 502 first.

Now You Have The Smoking Gun…Use it!

Healthcare Expenses

To alleviate the high cost of health care, you can take advantage of tax breaks allowed by the Internal Revenue Service for medical and dental expenses. To qualify, your medical and dental [...]

It’s Tax Time! Your Medical Expenses and Tax Deductions

It’s that time of year again – tax season. Did you know that your cancer medical expenses may be tax deductible?

Tax Deductions

This is because some deductions must first clear a floor before they can be deducted. For example medical expenses are tax deductible, but you can only deduct the portion which exceeds 7.5% of your AGI. For many people that means zero.

Top 7 Income Tax Preparation Tips

Pursue turning your non-deductible personal medical expenses into a legitimate business expense.

Author: Richard Close

Richard Close was an IRS-Hitman. He worked as a revenue officer for the IRS and his father was the head of the collections branch for 30 years; so it runs in the family. He left that behind and now he’s partnered with Tax Defense Network to help thousands of Americans with their tax problems. He gives the tips and tricks for you to fight the IRS and win! Visit him at: http://irs-hitman.blogspot.com or http://www.taxdefensenetwork.com, or contact: email irs-hitman@taxdefensenetwork.com or 1-888-248-9058.

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