Save More on Medical and Dental Expenses by Applying for Tax Deductions


Save More on Medical and Dental Expenses by Applying for Tax Deductions

By Smith & Smith & Ruiz CPA's

You can claim deductions on your taxes when making the payment to the IRS if they are directed toward medical and dental expenses. There are certain treatments and conditions that are exempt from taxes. You can consult a CPA in Dallas if you are a resident of Texas to specifically understand which of your taxes qualify for relief.

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Not all treatments are tax exempt

The IRS lists strict guidelines that state exactly which of your personal assets will qualify for tax relief. You have to meet these conditions before you can apply for deductions on your taxes.

  • The payments made to your medical care professional are typically tax exempt and can include treatments in dentistry, surgery, and even psychiatry and chiropractors.
  • If you have been hospitalized for a period of time, then you can apply for deduction on your hospital expenses. It is also applicable for nursing homes. The relief is applied to hospital expenses that include food and lodging only. For deductions on treatments, consult your doctor for details.
  • Non routine dental procedures qualify for tax relief. Even routine procedures that are conducted as part of a non routine treatment are not applicable for deductions.
  • Permanent dental appliances that have been fabricated at a dental center are applicable for deductions.
  • Some insurance policies and benefits are applicable for deductions and you can consult with your care provider or insurance agent to find out if you can apply. Tax relief is not applicable for health savings plans or similar schemes as they are already tax deducted.

Save more on treatments

If the treatments are still too harsh on your pockets, you can find alternative methods to compensate. You can try to go for university studies and medical volunteering for proxy drugs and it is quite effective in most cases. These treatments are usually cost effective and affordable. Medical tourism is another way to save on expenses. This is because some foreign countries have different pharmaceutical laws and you can benefit from it.

While these treatments can incite skepticism on your part, most of them are well up to par in quality, if not better. You have to make better judgments regarding your chances with medical tourism as most of your budget can drain away in travelling and that will not be feasible. If you require a certified accountant in Arlington, Fort Worth and Dallas area contact Smith and smith CPA’s who can help you revise your options and evaluate which of your treatments can be applicable for tax relief.

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