Tax Deductions for Medical Expenses You Need to Know About

Before you know it, year 2007 will be at a close and it will be time to start gathering up all the necessary information for the dreaded, but inevitable tax season to come. It's never too early to get prepared by finding out what types of deductions you can take. Among those deductions are medical expenses, but are you aware of what they are?.

There may be ones that you haven't considered, such as:

Medicare Premiums

Like a lot of people, you may not be too happy with the rising Medicare costs, However,you may derive some sense of satisfaction in knowing that the premiums you paid for Medicare, Part B are considered as part of your medical expenses and are, therefore, deductible. Medicare, Part B deals with such things as physician services, lab tests, medical supplies, outpatient care, physical therapy, speech therapy and ambulances. Premiums for Medicare's prescription medicine coverage can also be counted.

Items That Help Improve Your Eyesight.

If you paid for new eyeglasses, contact lens, had to visit an optometrist or other eye specialist or if you had lasik eye surgery for the purposes of correcting or improving your eyesight, this is all considered a medical expense.

Programs for Weight Loss

If your doctor has prescribed a weight loss program-such as Medifast- for you in order to address a physical problem, such as obesity, arthritis or elevated blood pressure, then this can be deducted. If you have similarly paid fees for programs, such as Weight Watchers, Jenny Craig, etc., you may need to check with your tax consultant or accountant to see if they additionally count as deductions.

Lamaze Classes

Hubby may not be so upset about having had to sit through all those Lamaze classes with you, once you tell him it's can be deducted as a medical expense.

Medical Equipment

Humidifiers, portable oxygen tanks, along with the costs of operating them can be deducted if their purpose is to ease certain health conditions, such as respiratory problems. If you had to purchase canes, walkers or mobility chairs, this may be considered, too.

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