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Making Finances Simple. Changing Lives.

4/16/2015

Should You Track Medical Expenses For Tax Purposes?

Some of the most common questions we received this past tax season were about the deductibility of medical expenses, and whether it was worth tallying up the figures.....

What medical expenses are deductible? (not an all-inclusive list)
  • Diagnosis and Cures
  • Annual Physical Exams
  • Medicine, Treatment and Prevention
  • Dental Treatments
  • Medical Equipment, Supplies and Diagnosis Devices
  • Ambulance and Other Medical Professional Transportation
  • Travel expenses to and from treatment
  • Insurance payments
  • Chiropractor
  • Psychologist
  • Physical Therapy
  • Fertility treatments
 
What medical expenses are NOT deductible? (not an all-inclusive list)
  • Cosmetic surgery (elective)
  • Non-FDA Approved Medicine
  • Expenses related to a funeral

When are the above expenses deductible?
  • You must itemize deductions
  • To the extent medical & dental expenses exceed 10% of adjusted gross income (7.5% for those age 65 or over)
  • If expenses are paid for yourself, your spouse, and/or your dependents.

So if your medical expenses do not meet all three of the above points, you needn't keep track of the figures as it won’t help your tax return.

What records should be kept?
  • Name and address of each medical care provider
  • Amount and date of each payment
  • Description of care received
  • Who received the care
  • Nature and purpose of expense

Expenses paid from Health Savings Accounts or Flexible Spending Arrangements cannot be deducted on a tax return as they've already received a benefit.

Feel free to contact us if you have questions about the medical expenses deduction...we’re here to help!!


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