With tax season now here, accountants are saying that many people think they don’t have enough medical bills to get them over the 7.5% deduction hurdle. To enjoy the maximum write-off, these experts advise that you know exactly what qualifies as a medical expense deduction.
For example, did you know that your mileage, parking fees and tolls for trips to the doctor, dentist and pharmacy are deductible? As are TV and telephone adapters for the hearing impaired? And that the cost of meals at a hospital are deductible if you’re there to get medical care?
Other often overlooked medical expenses include uninsured medical treatments, such as an extra pair of eyeglasses or set of contacts, false teeth, hearing aids, bandages, pregnancy test kits, rental for crutches, and artificial limbs. Also, improvements or special equipment installed in your home – e.g., grab bars, bathroom modifications, humidifiers, and warning systems – are deductible as are the costs to operate and maintain them if their main reason is for medical care.
For a complete list of what you can and cannot count as a deduction, check out Publication 502 on the IRS web site. It may save you some money.