Tax Tips Medical Expense Deductions – What’s Tax Deductible? Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by Ginita Wall Published Feb 24, 2011 - [Updated Nov 24, 2020] 2 min read Medical expenses cost a bundle, even with the help of health insurance, and they rise astronomically year after year. Luckily, medical insurance premiums, co-pays and uncovered medical expenses are deductible as itemized deductions on your tax return, and that can help defray the costs. But before you breathe a sigh of relief, read on. You can deduct only those medical expenses that exceed 7.5% of your adjusted gross income. Many taxpayers don’t benefit from the deduction because their expenses don’t exceed that threshold. To see if your medical expenses add up, go through your checkbook, bank statements and credit card statements to see what you paid last year. Don’t forget to include these often overlooked medical expenses: • Travel costs to and from doctors, medical treatments, and hospitals. For 2010 the mileage rate deduction is 16.5 cents a mile, and for 2011 it increases to 19 cents. • Long-term care insurance premiums on qualified policies. • Medical costs prescribed by a physician, including improvements to your home and medically necessary equipment and the costs to operate it. • Admission and travel to a medical conference for a chronic illness suffered by you, your spouse or one of your dependents. • Alcohol and drug abuse treatments and approved stop-smoking programs • Ongoing costs for seeing-eye dogs and other service animals • Weight loss programs from treatment of specific diseases (but not programs simply to improve appearance), and health club dues prescribed for a medical condition • Wigs for cancer patients (but not hair transplants), recliners for cardiac patients, reconstructive breast surgery for breast cancer patients, laser surgery to correct vision, orthopedic shoes for those with foot problems, cosmetic surgery to ease a deformity. • Remedial reading for a dyslexic child, an attendant to accompany a blind or deaf student, and clarinet lessons prescribed to alleviate sever tooth malocclusion Be sure you include medical expenses for yourself, your spouse, and everyone else listed on your tax return. If you pay medical expenses for your child, you can claim those expenses even if you do not claim the child on your tax return. And you can claim medical expenses you pay for your parents if you furnish over half of their support. And if you paid bills for a dependent who died during the year, you can claim those expenses as well. For more information about medical expenses deductions, go to the IRS website and download IRS Publication 502. Previous Post Dude, Where's My Refund? Next Post Tax Breaks For College Students and Their Parents Written by Ginita Wall More from Ginita Wall 4 responses to “Medical Expense Deductions – What’s Tax Deductible?” can I only consider medical expenses as a deduction if they are billed and paid in the same year? Reply Hi Brenda, If you are a single-owner LLC you can do both your personal and small business taxes with TurboTax Home & Business. Here is more information on TurboTax Home & Business: http://turbotax.intuit.com/personal-taxes/online/home-and-business.jsp Ashley Reply I set up LLC this year (1099) and also worked for an employer (w-2) Which version of turbo tax should I use to file my taxes? Reply This list is very incomplete — A few obvious, and common deductions; Medical insurance premiums – including medicare Prescription drugs, co-pays Dental care – injuries, not routine work Reply Leave a ReplyCancel reply Browse Related Articles Tax Deductions and Credits Tax Considerations for Cancer Patients Tax Deductions and Credits What are Tax Deductible Medical Expenses? Life What Medical Expenses are Tax Deductible? Tax Deductions and Credits Tax Tips: In Search of a Job? Your Job Search Expense… Tax Deductions and Credits Are Medical Expenses Tax Deductible? Income and Investments About Rental House Tax Deductions Tax Deductions and Credits 10 Commonly Overlooked Tax Deductions and Credits Health Care Medical Expense Deductions Available and the New 10% Ex… Tax Tips Should I Itemize Tax Deductions on My Taxes? Deductions and Credits Is Your Weight Loss Tax Deductible?