Medical Expenses

So, what exactly is a medical expense deduction? Put simply, it allows taxpayers to deduct certain medical and dental expenses from their taxable income. This means that the more medical expenses a taxpayer incurs, the less they will owe in taxes. The deduction is intended to help offset the costs of medical care for individuals and families who are facing high medical bills.

But not all medical expenses are eligible for the deduction. The IRS has specific guidelines and restrictions that determine which expenses can be deducted. For example, expenses must be primarily for the prevention, diagnosis, or treatment of a medical condition to be eligible. Additionally, expenses that are reimbursed by insurance or paid for using funds from a health savings account (HSA) or flexible spending account (FSA) cannot be deducted.