| Laser eye treatment – An IRS Write-off

Laser eye treatment – An IRS Write-off

Lasik surgery (or, laser eye treatment,) through the use of lasers, permanently reshapes the eye cornea, which corrects vision problems. Normally the cost is approximately $3000 and most insurance companies will not cover this procedure, but the IRS does allow it as a tax write-off.

The reason the IRS allows this is because Lasik surgery has been deemed as a procedure that promotes proper body function. Hence, breast enlargements and teeth whitening are not deductible, while Lasik surgery is. Clearly, teeth whitening and such kinds of elective procedures don’t enhance body function.

In addition to writing off the laser eye treatment, the IRS allows you to deduct the adjunct expenses connected with the Lasik. Meaning, it is allowed to deduct medical co-pays, prescriptions, and travel-related expenses such as lodging, food, and mileage to and from the clinic. Likewise, the IRS allows one to deduct Lasik surgery and expenses for those you claim as dependents on your tax return.

Medical expenses are deducted using Schedule A, related to the IRS form 1040. As is common with other deductions, the total expenses deducted are only those that exceed 7.5% of your AGI (adjusted gross income.) It is helpful that you can deduct not just the surgery, but the related expenses, to reach beyond the 7.5%.

This deduction shouldn’t be your catalyst to go get unnecessary eye surgery. However, run the numbers of the surgery (and related costs) against the 7.5% of your AGI and if you have contemplated Lasik surgery in the past, this may be the right time and the right motivation to get the surgery done and get a tax write-off.

Having a good tax strategy includes this type of deduction, for example, which is something you may have overlooked in the past.

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