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Medical Tax Preparation Services:Learn More About Tax Deductions for Medical Expenses You might not be fully aware or fully understand the details of how tax deductions apply, but IRS allows you to deduct a certain amount of medical expenses should you be able to present an itemized list that will be considered as tax deductions. Qualified medical deductions are those expenses you have paid during the tax year not just for yourself, but also for your spouse or dependents. Medical expenses are referring to the total costs associated with the prevention, diagnosis, treatment, mitigation or cure of any disease or illness as recognized and validated by the medical community, as well as the costs of various treatments affect an area or specific functioning of the body. It also includes the expenses of medical equipment, diagnostic devices, supplies needed for health or medical purposes, including dental expenses. The examples of medical supplies which are qualified for tax medical deductions are lactation supplies crutches, contact lenses, eye glasses, wheel chair, bandage, blood glucose test kit, breast pumps, and whirlpool baths as ordered by the doctor. Some of the examples of medical treatments qualified for tax medical deductions include dental treatment, fertility enhancement, home care, nursing home, nursing services, drug addiction treatment, breast reconstruction surgery, cosmetic surgery to correct a disfigurement, reconstructive surgery, psychotherapy, psychiatric treatment, and weight loss program. Aside from medical supplies, treatments and diagnostic expenses, you may also include other costs incurred primarily for medical reasons such as transportation expenses like bus fare, cab fare or gas consumed on your way to the hospital or clinic, as well as cost of meals if they were bought at the hospital or similar facility, where you were staying for medical care. The health insurance premiums though that cannot be included when calculating your medical expense for tax deduction purposes such as life insurance policies, insurance policies that provide payment for loss of income, insurance policies for loss of sight, limb or life, hospitalization guarantee insurance policies, and long-term health insurance premiums paid through retirement plan’s tax-free distributions. For those who are self-employed, they may also deduct a hundred percent of the amount they pay for health insurance not just for themselves, but also for their spouse and other dependents. The examples of expenses that are not qualified for medical deductions include cosmetic surgery, diaper service, dance lessons, hair transplant, maternity clothes, nutritional supplements, personal use items, swimming lessons, teeth whitening, illegal operations or treatments, health club dues and funeral expenses.
Taxes – Getting Started & Next Steps
If you’re having issues preparing your medical tax computation, we can help you with our medical tax preparation services to ensure that your medical expenses are properly itemized and checked to be qualified for your tax deduction. Please visit our website for more information.Taxes – Getting Started & Next Steps