Deductible Expenses
February 10th, 2010
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Question: What sorts of medical expenses are tax deductible? Are therapy, prescriptions and dental deductible?
I recently changed jobs and it is a smaller company. I am paying more and more medical expenses out of pocket and I need to know how I can claim them as deductions.
Answer: Yes all of those are deductible. Just about anything medical except cosmetic surgery and over the counter drugs are deductible.
The whole list of them is talked about in Publication 502 Medical and Dental Expenses – http://www.irs.gov/pub/irs-pdf/p502.pdf
Of course you have to itemize all of your deductions to take advantage of them – not just medical – and hope that they are more than your standard deduction which is based on your filing status. And unfortunately only those medical expenses over 7.5% of your gross income counts.
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