As the annual filing deadline nears, it’s time to start planning for tax day. On the bright side, there may be an additional reward for caring for your teeth – a tax deduction!
But first, learn if you’re eligible:
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.
You can include expenses you paid for your spouse or dependents, but you cannot include expenses paid by insurance companies or other sources. To determine if your medical and dental deeds meet the IRS’s expectations check the full list of eligible expenses and potential write-offs.
Here are just a few ways how healthy habits may pay off this tax season:
Most routine dental visits are tax-deducible such as cleanings, sealants, and fluoride. There are also more extensive treatments eligible for tax deductions like X-rays, fillings, braces or dentures.
There are lots of reasons to quit smoking, and 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.)
Weight loss programs may be tax-deductible as long as they’re related to a specific condition diagnosed by a physician, such as obesity, diabetes or heart disease.
Talk to your tax specialist to learn more. And if you don’t have one on hand; the IRS has various free resources to help. Happy tax season!