After 2012, the limitation on deductible medical expenses increases for most taxpayers from the current 7.5% of AGI to 10% (it remains at 7.5% for taxpayers age 65 and over through 2016). So if you need some dental work, laser eye surgery or other elective but deductible medical procedures, and can schedule it during the last week of the year, you might consider doing so sooner than later to take advantage of the current lower AGI limit. (But forget that face lift or other nip and tuck procedure you’ve been thinking about—cosmetic surgery costs aren’t deductible unless related to a physical injury or disfiguring disease.) Also, if you are paying for a procedure over time, it might be appropriate to pay it all at once to increase your currently deductible medical expenses.
Determining whether the tax benefits after the AGI limit is applied warrant the current expenditure can be complicated, and you may wish to call us for assistance.
The following is a checklist of 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
- 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
- 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 about these or other potential medical deductions, contact the Tax Experts at Henssler Financial: 770-429-9166 or experts@henssler.com.
