Tax Hack: Healthy Habits You Might Be Able to Deduct
Medical expenses can be one of the biggest blows to your family’s budget. Fortunately, certain dental and medical-related procedures and programs can be tax deductible.
But first, remember:
Your total dental/medical expenses must exceed 10% of your adjusted gross income. If you’re over 65 years, your dental/medical expenses must exceed 7.5% of your adjusted gross income.
You can furthermore explore additional requirements and possible write-offs by reviewing the full list of tax-deductible medical and dental expenses . Be sure to consult with your tax advisor too to learn more.
Now that we’ve covered the fine print, find out what you may be able to deduct:
Regular dental exams are an important part of preventive health care. The examination of your teeth, gums, and mouth, and x-rays and/or panoramic radiographs helps your dentist get a better idea of your dental health and your risk of dental disease.
A complete eye exam to check for eye disease and vision problems will differ based off your age and risk of eye disease. But should you find you need, eyeglasses or contacts you can deduct those.
Routine wellness visits are most useful in detecting disease in people who already have symptoms, but it is often of little use as a screening test in people who have no complaints. Diagnostic tests will vary depending on your gender, age, and information obtained from your medical history.
Be sure to check the full list of potential tax-deductible expenses and consult with a tax professional to learn more. Keep in mind—preventive care counts in the long run.