Most taxpayers are unaware that there are many things they can deduct on their tax returns in order to lower their tax bill and save a lot of money. While you do need to be careful about what you are deducting and make sure that you have the receipts that are necessary to prove you actually qualify for particular deductions, these deductions can help you to save a lot of money during tax season. One place that you can claim deductions is on your medical expenses. Going to the doctor and paying for some of the expensive medical equipment can quickly add up, and this deduction can take off some of the pressure.
If you are interested in finding out whether you are able to deduct some of your medical expenses during tax time, make sure to contact the professionals at Coastal Business Services. We can help you learn about all the medical deductions available and will look over your information to see if you qualify. Here are the 5 things you can do to get a bigger refund when it comes to your medical bills.
Claim Medical Expenses
It is possible to claim some of the expenses that you incur for medical, vision, and dental throughout the year. There are a number of things to keep in mind though. First, you will not be able to deduct anything that you pay for health insurance premiums. That is money that you are responsible for and you can’t deduct it at all; those who try are going to get in trouble with the IRS. Also, any expenses that your insurance covers are not deductible when it comes to tax time.
In addition, you need to spend some money out of pocket before you are able to claim this deduction. In most cases, your medical bills need to total more than 10 percent of your gross adjusted income before you can make claims for the deduction. Plus you can only claim the amount over the 10 percent. For example, if you spend 12 percent of your income on medical expenses, you will only be able to claim that 2 percent. This part can be confusing for a few people, so make sure to talk to the professionals at Coastal Business Services to help you determine how much you can deduct from this on your tax return.
Batteries for Hearing Aids
Anyone who has a hearing aid is able to deduct some of the expenses for the batteries to make those hearing aids work. You will need to keep the prescription on hand that states how you need the hearing aids and also all the receipts for the cost of the batteries. Make sure that you are only using batteries that are needed and don’t claim more than you need. The professionals at Coastal Business Services can help you determine how much you will be able to deduct from your tax bill with this deduction.
Having a baby
While you cannot deduct all the costs of giving birth in the hospital, it is possible to deduct some of the expenses that you incur for having a baby. For example, many new mothers are able to deduct the cost of a breast pump and some of the supplies on their tax return. Keep in mind that if your insurance pays for any or all of the breast pump and other supplies, you cannot claim this portion for the deduction.
Wigs
While you are able to claim a wig for a medical deduction, you need to make sure that you are claiming it for the right reason. Going out and purchasing a wig to wear for fun is not a good enough reason to claim this deduction. But if you are suffering from mental issues and a psychiatrist recommends that you get a wig to help out with the treatment, it is possible to get these costs deducted from your tax bill.
Herbal Supplements not covered by insurance
Many taxpayers are interested in using herbal supplements in order to help out some of the common ailments that they are suffering from. Depending on your use of these supplements and whether you are getting insurance to pay for them, you may be able to get some of the cost of these taken care of. First, you will need to have a legitimate health reason to take these supplements, usually prescribed by a doctor. Second, if your insurance is covering the costs, you will not be able to claim these.
Home Improvements for Medical Reasons
If you have to make some home improvements to your house to accommodate a medical issue or a handicap, you may be able to deduct this from your tax bill. These would include things like putting in a ramp instead of stairs for a wheel chair or other safety features. In addition, if someone in your home suffered from health conditions because of mold in the home and you had to change the siding to get rid of the mold, it is possible to claim some of this expense as well. To make sure that you are claiming this deduction correctly, contact our professionals at Coastal Business Services.
To figure out if you can claim some of your medical expenses for a deduction on your tax bill, make sure to contact Dennis O’Brien from Coastal Business Services, LLC in Farmingdale, NJ to help you out. We have the experience to get you the best refund possible this tax season. Contact us today.
Dennis O'Brien