Which Medical Expenses are Tax Deductible?

1. WHICH MEDICAL EXPENSES ARE TAX DEDUCTIBLE? 2020, 2021 1 MEDICAL EXPENSES ARE TAX DEDUCTIBLE Even if you have the best insurance plan, you still might end up paying medical bills. However, all hope is not lost. You can still get a tax break from your medical expenses that can help reduce your overall medical costs. 2 THE “MEDICAL” EXPENSES YOU CAN DEDUCT The term medical is used broadly, but it does include dental and vision expenses. Whether you’ve gotten contact lenses, glasses, veneers, braces, or root canals this year, you can claim the medical expenses tax deduction. 3 MEDICAL EXPENSES THAT YOU CAN’T DEDUCT Before you claim every procedure as a deductible on your taxes, you need to know what is not allowed as a IRS medical deduction this year.If you’ve been reimbursed for the procedure by either an employer or insurance agent. 4 ITEMIZATION OR STANDARDIZATION? While it would be a dream to be able to claim both, you aren’t able to claim both an itemized tax deduction with your standard deduction. Essentially, your medical deduction needs to be significant, along with other itemizations. 5 MAKE SURE TO PAY YOUR MEDICAL EXPENSES Although paying your medical expenses isn’t fun, it’s the only way you can deduct them from your income.When it comes down to it, Uncle Sam believes you are only owed a deduction if you’ve paid up on the current bill. 6 HOW TO CLAIM THE MEDICAL EXPENSES DEDUCTION To claim the medical expenses deduction, you have to itemize your deductions. Additionally, you should only claim this deduction if it is higher than the standard deduction. www.americantaxservice.org/how-to-determine-medical-expenses-tax-deductible