Medical expenses can seem like a burden to some people, and it is often confusing on whether or not you can deduct them from your taxes. In order to be able to deduct medical expenses, you must itemize your deductions on your tax return. You can only deduct the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income for tax year 2022.
You can deduct the cost of certain medical and dental expenses that you pay for yourself, your spouse, and your dependents.
Some examples of expenses that you can deduct include:
● Doctor and dentist visits
● Prescription drugs
● Medical equipment, such as crutches or a wheelchair
● Insurance premiums for medical and dental coverage
● Travel expenses for medical treatment
It’s important to note that you can only deduct medical expenses that you paid for during the tax year. If you have a flexible spending account through your employer, you cannot deduct any contributions you made to it.
Make sure to keep accurate records of your medical expenses, including receipts and bills, as you’ll need to prove that you paid for the expenses you’re claiming.
In conclusion, you can deduct medical expenses on your taxes if you itemize your deductions and the expenses exceed the threshold set by the IRS. Remember, always consult a tax professional for personalized advice and make sure to stay up to date with any changes to tax laws.
If you have further questions, contact us today!
