by Leslee B. Cochrane, MD.
Warren Buffett is the only person I know of who actually gets excited about the prospect of paying more in taxes. In case you are looking for ways to lower your tax bill, here are some health care related deductions that may come in handy this year. It is important to itemize all your medical and dental expenses, because you can only deduct those expenses that are in excess of 7.5% of your AGI or adjusted gross income. In other words, if your AGI is $50,000, you can only deduct medical expense in excess of $3,750.00.
Did you realize that the cost of acupuncture, chiropractic care, contact lenses and most dental care including dentures are all deductible? Diagnostic devices such as blood pressure monitors and blood sugar testing equipment and supplies are also deductible if they have been prescribed by your physician. Expenses for inpatient treatment for drug and alcohol addiction as well as transportation costs to and from Alcoholics Anonymous meetings are deductible if prescribed to treat conditions related to the excessive use of alcohol.
If your physician recommends weight loss to treat a medical condition such as hypertension or heart disease you can include as medical expenses amounts you pay to lose weight. This includes fees you pay for membership in a weight reduction group as well as fees for attendance at periodic meetings. Some big ticket items that add up quickly include the cost of making your home handicap accessible for yourself or one of your dependents. For example the cost of building a handicap access ramp or handicap accessible bathroom or shower can be included in itemized medical expenses.
They say that only two things in life are certain, death and taxes. I guess I should not be surprised that funeral expenses are not deductible; but you will be happy to know that if paying your taxes is stressing you out, you can deduct the cost of seeing your psychologist for stress reduction therapy.
For additional information regarding the deductibility of various medical expenses consult your tax specialist or check out IRS publication 502 at http://www.irs.gov/publications/p502.
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