Best Medical Tax Preparation Services 2017: Understanding Tax Deductions for Medical Expenses You might not be fully aware and understand the details, but IRS allows you to deduct a certain and accurate amount of medical expenses should you be able to present an itemized list of your medical expenses for your tax deductions. Those expenses you have paid during the tax year not just for yourself, but also for your spouse or dependents are considered as qualified medical deductions for your tax. Medical expenses are pertaining to the costs associated with the prevention, diagnosis, mitigation, treatment or cure of any disease as recognized and validated by the medical community, as well as the costs of various treatments that affect the area or 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. The treatments qualified for tax medical deductions are drug addiction treatment, breast reconstruction surgery, cosmetic surgery to correct a disfigurement, dental treatment, fertility enhancement, home care, nursing home, nursing services, reconstructive surgery, psychotherapy, psychiatric treatment, and weight loss program. Aside from diagnostic expenses, medical supplies or treatment costs, you may also include other costs incurred primarily for medical reasons including transportation expenses such bus fare, cab fare or gas cost 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. Also remember that not all can be qualified for a medical deduction for your tax purposes computations such as hospitalization guarantee insurance policies, life insurance policies, insurance policies that provide payment for loss of income, insurance policies for loss of sight, limb or life, and long-term health insurance premiums paid through retirement plan’s tax-free distributions. You may deduct a hundred percent of the amount you pay for health care insurance if you are self-employed not just for yourself, but also for your spouse and dependents considered as an adjustment to income a type of non-itemized deduction. Take note that these are not qualified for medical deductions for your tax deductions such as nutritional supplements, personal use items, cosmetic surgery, diaper service, dance lessons, hair transplant, maternity clothes, swimming lessons, teeth whitening, illegal operations or treatments, health club dues and funeral expenses.
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