Maximize Your Medical Deductions

Beginning this tax year, the only medical expenses that you can deduct are those in excess of 10% of your adjusted gross income (AGI), up from the previous 7.5% AGI limitation. The limitation remains at 7.5% for taxpayers age 65 and over through 2016, unless they are subject to the alternative minimum tax, in which case it is 10% for them as well. For joint return filers not subject to the AMT, if either spouse is age 65 or older, the 7.5% of AGI limitation applies to their joint medical expenses.

If you don’t itemize your deductions or are nowhere near exceeding the AGI limitation, you need not concern yourself with this deduction. On the other hand, if you do itemize and think you might meet the AGI limitation, then it may be worth your time to summarize your medical expenses for the year. Use the following checklist to help you accumulate your deductible medical expenses. The list is by no means all-inclusive, and some of the deductions listed may have additional restrictions not included here.

• Ambulance
• Artificial Limb
• Artificial Teeth 
• Birth Control Pills
• Braille Books and Magazines
• Abortion, Legal
• Acupuncture
• Alcoholism Treatment
• Chiropractor
• Christian Science Practitioner
• Contact Lenses
• Crutches
• Dental Treatment
• Drug Addiction Treatment
• Drugs (Prescription)
• Eyeglasses
• Fertility Enhancement
• Guide Dog
• Hearing Aids
• Hospital Services
• Impairment-Related Expenses
• Insurance Premiums
• Laboratory Fees
• Laser Eye Surgery
• Lead-based Paint Removal
• Learning Disability Treatment
• Medicare B & D Premiums
• Medical Services
• Medicines, Prescribed
• Mentally Retarded, Special Home for
• Nursing Home
• Nursing Services
• Operations
• Optometrist
• Organ Donors
• Osteopath
• Oxygen
• Prosthesis
• Psychiatric Care
• Psychoanalysis
• Psychologist
• Special Schools and Education
• Sterilization
• Stop Smoking Programs
• Surgery
• Therapy
• Vasectomy
• Weight-loss Program
• Wig (Cancer Patient)

If you have questions related to your medical tax deductions, contact the Experts at Henssler Financial: experts@henssler.com or 770-429-9166.

Disclosures

This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.