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Health Related Deductions to Discuss With Your Denver Tax Specialist

May 18, 2016

It seems that taxes go up every year, putting an even bigger squeeze on the taxpayer. Bloch, Rothman, and Associates tax specialists will do everything we can to lessen your burden, but you need to share as much information with them as you can about possible deductions. This kind of personalized service is the greatest advantage of using a professional accountant versus an online software aid. Many overlook health-related deductions because they have to be a large percentage of your income to qualify, but things can add up quickly if you know what to look for.
IRS Section 502 is a comprehensive list of things that can be deducted from your taxes. These are some examples:
  • Some are more obvious, such as out of pocket doctor visits and prescriptions.
  • Did you quit smoking this year? If you did, congratulations! Money that you spent on tobacco cessation is deductible. This includes prescription pills, but not over the counter aids such as patches or nicotine gum. Support program fees can be deducted.
  • Transportation expenses to the doctor or hospital are deductible. If you took a cab, train, or bus to get a flu shot or have a check-up, you can deduct that expense. This expense can also be deducted for a caregiver who transported a child or dependent to medical care.
  • For those with mobility issues, wheelchairs, canes, or other mobility aids can be used as a tax deduction. If you have had to install any special features in your home, such as ramps, hand rails, or other specific mobility aids, these can also be deducted.
  • Any expenses related to vision correction can be deducted. Eye exams, glasses, contacts, and vision correction surgery all fall into this category. Items such as contact lens solution can also be used as a deduction.
  • Some alternative medical treatments may also be tax deductible. For instance chiropractic care and acupuncture treatments are both deductible.
  • If you have had to purchase any medical equipment this year that uses electricity such as an oxygen concentrator, or a CPAP or BiPAP machine for sleep apnea, you can deduct the power usage. Be sure to bring an electric bill with you that shows how much you are being charged per kilowatt hour. You will also need to bring the manual of your device so that we can figure out how many kilowatts per hour it is estimated to use.
  • If you were advised by a doctor to lose weight to treat a specific condition such as high blood pressure, hypertension, heart disease, or diabetes, you can deduct certain expenses of joining a weight loss program. Fees to support programs are deductible but special food is usually not deductible unless it is for the specific illness you have, ie no sodium for blood pressure etc. Gym fees are not deductible but if you participated in specific classes geared toward weight loss at the advice of your doctor, you can deduct those fees.
  • If you purchased any items to monitor a condition such as a blood pressure cuff, blood sugar tester, or pulse oximeter, you can deduct the cost of the device as well as the batteries and supplies required to use them.
These are just a few health related deductions to which you may be entitled. If you have other questions, please don’t hesitate to ask. The more information your tax preparer has, the more easily they can help you find every deduction to which you are entitled. Be sure to check out our Tax Preparation Checklist for 2015 Taxes for items that you should bring to your appointment. Call 303-321-7160 today!