Very few people know and make use of the medical tax benefits. The flip side is, you can avail it only if your bill is more than 7.5% of your gross income.
Well, everyone can make use of the available liberty in the form of medical tax benefits.
1. First rule is to cross the 7.5% mark and you do this by trying to include all your family members. Anyone who is your dependent can be included. The bill is of medical and dental facilities including those who passed away this year.
2. Expenses like transportation from your residence to the place of treatment can be included. IRS website shows how you can maximize this and the calculations needed. This is not the only expense that you can add. Weight loss programs, hearing aid, dentures, false teeth, and other related medical issues are a part of this.
3. Wheelchairs, crutches, hearing aids are also tax deductible. If your house is renovated on the doctor's advice, then you can recover the cost partially.
4. Also don't forget miscellaneous deductions. These include: expenses made on legal abortion, acupuncture, eye surgery, drug rehabilitation, prescription drugs and insulin, nursing home and nursing services, ambulance service, hospital expenses, laboratory fees, health insurance premiums, dependent fees paid to physicians, surgeons, specialists, dentists, psychologist, and other medical practitioners
Add these up, and any figure beyond the 7.5 per cent mark is tax deductible.
On the flip side there are certain costs that are medical, but which cannot be deducted. These include: cosmetic surgery, gymnasium payments or costs of a weight loss program, hair transplant and electrolysis operations, bottled water-still or sparkling, dancing lessons, teeth whitening, maternity clothes and diaper service.
I am sure if you try, you can get into the range which would provide you with the relief. The idea is not to fall sick but get something out of it, if you have already spent a fortune on regaining health.
Very few people know and make use of the medical tax benefits. The flip side is, you can avail it only if your bill is more than 7.5% of your gross income.
Well, everyone can make use of the available liberty in the form of medical tax benefits.
1. First rule is to cross the 7.5% mark and you do this by trying to include all your family members. Anyone who is your dependent can be included. The bill is of medical and dental facilities including those who passed away this year.
2. Expenses like transportation from your residence to the place of treatment can be included. IRS website shows how you can maximize this and the calculations needed. This is not the only expense that you can add. Weight loss programs, hearing aid, dentures, false teeth, and other related medical issues are a part of this.
3. Wheelchairs, crutches, hearing aids are also tax deductible. If your house is renovated on the doctor's advice, then you can recover the cost partially.
4. Also don't forget miscellaneous deductions. These include: expenses made on legal abortion, acupuncture, eye surgery, drug rehabilitation, prescription drugs and insulin, nursing home and nursing services, ambulance service, hospital expenses, laboratory fees, health insurance premiums, dependent fees paid to physicians, surgeons, specialists, dentists, psychologist, and other medical practitioners
Add these up, and any figure beyond the 7.5 per cent mark is tax deductible.
On the flip side there are certain costs that are medical, but which cannot be deducted. These include: cosmetic surgery, gymnasium payments or costs of a weight loss program, hair transplant and electrolysis operations, bottled water-still or sparkling, dancing lessons, teeth whitening, maternity clothes and diaper service.
I am sure if you try, you can get into the range which would provide you with the relief. The idea is not to fall sick but get something out of it, if you have already spent a fortune on regaining health.