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Deducting Healthcare Costs

If you incurred a significant amount of healthcare and dental cost costs last year, you may be eligible for a deduction when making your itemized deductions.

There are several things that you can deduct provided your healthcare costs were over at least ten percent of your yearly gross income:

  • Surgeries
  • Hospital Stays
  • Prescriptive Eyewear
  • Prescription Drugs
  • Doctor Visits (including therapists and medical counsellors)
  • Travel Costs (if you had to travel for a specific treatment)

Note that the above is not a complete list, you can check out Publication 502 on the IRS page. It’s also important to note that the costs are the costs you incurred and not the total costs. For example, if your insurance company paid a portion of the bill, that costs the insurance company paid are not eligible.

We’re more than happy to make sure that you qualify for claiming medical expenses. It’s always best to have tax professional like us assess your unique situation so you don’t end up missing out on deductions you’re eligible for as well as deductions you’re not eligible for.

Do you have the support you need to manage your small business bookkeeping? Contact us to schedule an appointment to speak with a local small business advisor.

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