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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)
What medical expenses are NOT deductible? (not an all-inclusive list)
When are the above expenses deductible?
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?
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!!