On occasion, we have certain medical expenses that seem obscure on the surface but are, in fact, tax deductible. Some of these deductions might surprise you, but they may also apply to you and your unique circumstances.
• Lasik eye surgery.
• Prescribed herbal supplements for migraine headaches.
• Hearing-aid batteries.
• Wigs for those dealing with hair loss.
• Costs associated with buying, training and maintaining a guide dog.
• Breast pumps.
• Remedial reading for dyslexic children.
• In-vitro fertilization treatments.
• New home siding if previous siding had mold that impacted the health of the homeowner.
• The cost difference between a gluten-free diet and a non-gluten-free diet.
• A swimming pool for treating an injury/illness.
• Home improvements benefiting someone with a disability.
• Pregnancy tests.
• Hormone therapy medications.
• Body scans.
• Prescribed mattress for those with back troubles or a sleeping disorder.
• Smoking cessation medication/programs.
Keep in mind that this is not an exhaustive list and all of these deductions are restrictive to certain circumstances. You may be entertained by some of the more obscure and odd medical expense deductions that have been allowed although I am not recommending you add these to your tax return any time soon. Even if you believe you are eligible for one or more of these deductions, it’s important to consult with me so we can determine whether they apply to you and your particular situation.
Here’s the best way to figure out what’s considered reasonable in business expenses and deductions:
Your job: Since you’re going to be keeping good records, go ahead and push the limits: ask me about anything. Don’t automatically assume something is not deductible. Business expenses are handled very differently from employee expenses. I’ve helped many business owners discover deductions that never would have occurred to them.
A few details about deductions: What can you write off in terms of expenses? Examples include: