Take Advantage of These Tax-Deductible Medical Expenses Until the End of the Year
As the year draws to a close, there are many things you can do to maximize your taxes , including paying for non-deductible medical expenses. Need to order new glasses or brush your teeth? See if you can squeeze them in before New Years.
If you plan to detail your deductions, the IRS has a document that lists the medical and dental costs that meet the criteria and which don’t. Some of the common ones are:
- Birth control pills
- Breast pumps and accessories
- Medical equipment installation or home renovation that you paid for this medical care assistance for you, your spouse, or your family members.
- Eye exams, glasses and contact lenses
- Weight loss programs prescribed by a physician to treat a specific medical condition (does not include a gym, spa, health club fees, or special meals)
- Dental procedures that prevent (eg brushing your teeth) or alleviate (eg fillings) dental disease.
- Smoking cessation programs (but not consumables, so nicotine gum or patches not included)
- Wheelchairs
These are just a few of the many non-deductible expenses, so go through the full list to see if anything you purchased this year is right, or make a last minute appointment or stop at the pharmacy. Even if you don’t have related expenses this year, you will know what upcoming purchases you can deduct in the future.