Tax Deductible Medical Expenses for 2012
The true golden age of scientific enlightenment is also the age of chronic illness in such numbers as have never been witnessed on this planet, barring the black plague and other catastrophes. Good news! Medical expenses are tax deductible. I’d like to remove the chance of miscommunication and error by saying that these medical expense deductions can only be acquired by itemizing your tax return, and only if your medical expenses total more than 7.5% of your adjusted gross income for the tax filing year in question.
Dental expenses will be counted as medical expenses for you to deduct, as will expenses used to pay for a smoking-cessation program and prescription drugs designed to alleviate nicotine withdrawals. Over the counter drugs used for nicotine withdrawals will not count towards deductible medical expenses.
Money spent enrolled in a legitimate weight-loss program will also qualify as a tax deductible medical expense. Considering smoking cessation and weight loss, we can see that finding that 7.5% may not be as difficult as it seems when you consider the number of things that count as medical deductions. The lesson here is that you need to take the time to actually add things up and check it out, never, ever, shrug an opportunity off because you “probably” don’t qualify.
Other things you may not have considered as tax deductible medical expenses include corrective laser eye surgery and contact lenses and other eye care expenses.
It’s important to know that the US tax court has held that hormone therapy and sex reassignment surgery were not cosmetic and allows taxpayers to deduct those expenses.
Breast pumps and other lactation-purposed equipment are now tax deductible as well. Starting to see how it all adds up?
It is not only your own personal expenses that you get to deduct, no no my friend, you can deduct the medical expenses of your spouse, a dependent, or qualifying child.
Here is a more comprehensive list of qualifying medical expenses:
Birth control pills prescribed by doctor
Capital expenses for equipment for improvements to your home needed for medical care
Expenses of an organ donor
Guide dogs or other animals aiding the blind, deaf or disabled
Hospital service fees
Lead-based paint removal
Legal operation to prevent having children such as vasectomy or tubal ligation
Long-term care contracts
Meals and lodging provided by hospital during treatment
Medical and hospital insurance premiums
Oxygen equipment and oxygen
Pregnancy test kit
Psychiatric and psychological treatment
Social security tax, medicare tax, FUTA, and state employment tax for worker providing medical care
Special items – artificial limbs, false teeth, eye glasses, contact lenses, hearing aids, crutches, wheelchairs etc etc
Special education for mentally or physically disabled persons
Transportation for needed medical care (see: mileage deduction)
There’s a lot more to that than you thought huh? You and me both. If you’d like to know more then you should head over to TurboTax Online and utilize their free articles and tax payer first-hand accounts of going through the legal process of claiming these deductions. The tax software available also makes claiming your itemized medical expense tax deductions a veritable piece of cake compared to how things were done in the old days.