Write Off a San Jose Lasik Treatment
With Lasik surgery, a laser is used to permanently reshape the eye’s cornea, which corrects the patient’s vision. While your medical insurance coverage will not pay for the procedure, which generally costs around $3,000, the IRS does allow you to write it off when you file your federal tax return.
The IRS has decided that having Lasik surgery acts to restore the body’s proper function. Therefore, they deem this treatment as a deductible medical expense, unlike teeth whitening or breast augmentation. According to the government, these elective procedures do not have the same effect on the body.
Since you can use the cost of a Lasik procedure as a tax deduction, the IRS will also allow you to deduct any expenses associated with the surgery. These expenses could include money you spend for traveling to and from the clinic, your eating and lodging costs, medications you need after the procedure, and any co-payment amounts you incur. If you claim dependents on your income tax return, you can also deduct the cost of their Lasik procedure as well as any related expenses.
Medical expenses, such as a Lasik surgery, is deducted by using the IRS Form 1040 and Schedule A. However, you are only allowed to deduct the amount of expenses that exceed 7.5 percent of your Adjusted Gross Income. You may find it easier to meet this qualification since you can include those expenses related to the treatment.
Of course, we are not suggesting that you decide to have Lasik surgery just because you can deduct it on your taxes. But if you have a vision problem that requires you to wear glasses and you realize that your medical expenses for the year are nearing the 7.5% Adjusted Gross Income threshold, you might find it beneficial to have the Lasik surgery at a time when you can get that tax deduction.
This is one way to use the tax laws to your advantage and get a deduction that you may have otherwise missed out on.
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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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