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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