Medical expenses tax deduction<\/p>\n<\/div>\n
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<\/a><\/p>\nPrescription and Medication Tax Deduction<\/p>\n<\/div>\n
<\/a><\/p>\nClaiming the Medical Expense Tax Deduction<\/p>\n<\/div>\n<\/div>\n
For the fiscal years 2023 and 2024, the Federal Government has announced essential clarifications on which medical expenses qualify for tax deductions. <\/i><\/p>\n
TRAVERSE CITY, MI, US, August 24, 2023\/EINPresswire.com<\/a>\/ — As taxpayers gear up for the fiscal years 2023 and 2024, the Federal Government has announced essential clarifications on which medical expenses qualify for tax deductions. <\/p>\n Aimed at providing financial relief and transparent guidance, these updates empower taxpayers to maximize their deductions and understand their rights.<\/p>\n Key Highlights of what medical expenses are tax deductible in 2023 and 2024:<\/a><\/p>\n Adjusted Gross Income (AGI) Threshold: Taxpayers can deduct qualified medical expenses that exceed 7.5% of their AGI. This threshold remains consistent with previous years, ensuring stability for taxpayers.<\/p>\n Prescription Medications and Treatments:<\/a> Costs of prescription drugs and insulin continue to be tax-deductible. This includes any over-the-counter medication prescribed by a doctor.<\/p>\n Hospital and Doctor Visits: Fees associated with inpatient care, surgeries, and regular doctor visits qualify for deductions.<\/p>\n Home Improvements for Medical Care: If the primary purpose of a home renovation is medical care (like installing ramps or modifying bathrooms for individuals with disabilities), such expenses are deductible.<\/p>\n Dental and Vision Care: Dental treatments, including cleanings, fillings, and braces, are deductible. So are eye examinations, glasses, and contact lenses.<\/p>\n Travel Expenses for Medical Care: Transportation costs to and from medical facilities, including parking fees, bus, taxi, or personal vehicle expenses (at a standard mileage rate) are eligible for deductions.<\/p>\n No Cosmetic Procedures: Elective cosmetic procedures remain non-deductible unless they address a deformity related to congenital abnormalities, an injury from an accident or trauma, or a disfiguring disease.<\/p>\n Long-Term Care: Premiums for qualified long-term care insurances are deductible, but there are age-related limits on the amounts that can be claimed.<\/p>\n Health Insurance Premiums: Self-employed individuals can generally deduct health insurance premiums unless they’re eligible for an employer-sponsored plan.<\/p>\n By spotlighting these medical expenses, the government aims to bring clarity to taxpayers, ensuring they benefit by claiming medical deductions.<\/a> It’s an essential step towards easing the financial burdens healthcare can impose.<\/p>\n To learn more about medical expenses that are tax deductible in 2023 and 2024 visit https:\/\/americantaxservice.org\/how-to-determine-medical-expenses-tax-deductible\/<\/a><\/p>\n Frank Ellis
Harbor Financial
+1 231-313-6079
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