4 Healthy Habits That Might Be Tax Deductions
Posted on March 1, 2016 in Healthy Living
You may be searching for every possible write-off possible this tax season. And if you were healthy in 2015, you might be able to deduct extra expenses. That's right—certain dental and medical-related procedures and programs can be tax deductible.
Here are 4 healthy habits for possible tax deductions:
1. You took care of your teeth.
Preventive dental treatments such as cleanings, sealants, and fluoride are tax-deductible. Extensive eligible treatments include fillings, braces and dentures. Check the full list of potential write-offs.
2. You made your appointments.
Did you feel like you were constantly trekking to wellness appointment in 2015? You may be able to claim your travel costs for dental and medical care. This includes public transportation, mileage, tolls, and parking fees.
3. You quit smoking.
If you participated in an IRS-approved program to stop smoking, you may be able to deduct the cost of your medical expenses. Patches, gum and other over-the-counter methods aren't eligible.
4. You lost weight.
Weight loss programs may be tax-deductible as long as they're related to a specific condition, such as hypertension or diagnosed obesity.
But how do you determine if your medical and dental deeds meet the IRS's expectations?
• Your total dental/medical expenses must exceed 10% of your adjusted gross income.
• If you are over 65 years, your dental/medical expenses must exceed 7.5% of your adjusted gross income.
If you have further questions, inquire with your tax consultant. And if don't have one on speed dial; many public libraries offer free tax prep help. Contact you local branch for more information.