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Best Medical Tax Preparation Services 2017: Understanding Tax Deductions for Medical Expenses

You might not be fully aware about the details, but IRS allows you to deduct a specific amount of medical expenses should you be able to present an itemized list of your deductions. Those expenses you have paid during the tax year not just for yourself, but also for your spouse or dependents are considered as qualified medical deductions for your tax. Medical expenses are referring to the total costs associated with the prevention, diagnosis, treatment, mitigation or cure of any disease or illness as recognized and validated by the medical community, as well as the costs of various treatments affect an area or specific functioning of the body. It also includes the expenses of medical equipment, diagnostic devices, supplies needed for health or medical purposes, including dental expenses.

The examples of medical supplies which are qualified for tax medical deductions are lactation supplies crutches, contact lenses, eye glasses, wheel chair, bandage, blood glucose test kit, breast pumps, and whirlpool baths as ordered by the doctor. Several examples of qualified medical deductions for medical treatments include dental treatment, fertility enhancement, breast reconstruction surgery, cosmetic surgery to correct a disfigurement, reconstructive surgery, psychotherapy, psychiatric treatment, home care, nursing home, nursing services, drug addiction treatment, and weight loss program. Aside from medical supplies, treatments and diagnostic expenses, you may also include other costs incurred primarily for medical reasons such as transportation expenses like bus fare, cab fare or gas consumed on your way to the hospital or clinic, as well as cost of meals if they were bought at the hospital or similar facility, where you were staying for medical care.

The health insurance premiums though that cannot be included when calculating your medical expense for tax deduction purposes such as life insurance policies, insurance policies that provide payment for loss of income, insurance policies for loss of sight, limb or life, hospitalization guarantee insurance policies, and long-term health insurance premiums paid through retirement plan’s tax-free distributions. If you’re self-employed, you may deduct a hundred percent of the amount you pay for health insurance not just for yourself, but also for your spouse and other dependents. Take note that these are not qualified for medical deductions for your tax deductions such as nutritional supplements, personal use items, cosmetic surgery, diaper service, dance lessons, hair transplant, maternity clothes, swimming lessons, teeth whitening, illegal operations or treatments, health club dues and funeral expenses.
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If you’re having issues preparing your medical tax computation, we can help you with our medical tax preparation services to ensure that your medical expenses are properly itemized and checked to be qualified for your tax deduction. Feel free to visit our website for more details.Lessons Learned from Years with Services