Medical and Dental Expenses

If you have medical or dental expenses, you may be able to deduct some of them on your tax return, as long as you itemize deductions.

To determine whether you can claim these expenses, first add them up. You may include any expenses paid for yourself, your spouse, or a dependent. Count the date you paid for the service, not the date the medical service was received.

Expenses that qualify include co-payments, unreimbursed amounts from prescriptions, doctor visits, and procedures. You can also include some insurance premiums, medical supplies, medical-related mileage, and transportation costs.

Second, you need to see if your total expenses are more than a total threshold amount. For most people, that amount is 10% of your adjusted gross income. If they are, you may deduct the portion of your expenses that exceed 10%. A special threshold amount applies to those over age 65, who may deduct total expenses that exceeds 7.5% of their adjusted gross income through 2016.

Be sure to keep all your receipts. Find out more about what expenses qualify in IRS Publication 502.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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