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Cosmetic Surgery Tax Deductions: What Can Be Written Off and What Can’t!

Cosmetic Surgery Tax Deductions: What Can Be Written Off and What Can’t!

By on Jan 14, 2017 in Tax Tips | 0 comments

If all kinds of cosmetic surgery were covered by healthcare, then there wouldn’t be much in the way of healthcare services. That’s why when it comes to cosmetic surgery, only certain procedures can be covered by health insurance.

So it is when it comes to paying your taxes.

Usually with medical expenses, anything that you pay for out-of-pocket past your deductible is then covered by a certain percent depending on what kind of insurance you have.

But what about the percentage you have to pay?

Typically, the amount of medical expenses you pay can be dispersed from your pre-taxed healthcare account. However, once that’s exhausted, then you’ll have to pay out-of-pocket, but the good thing about this is if the amount you pay is over your allotted standard deduction that the Internal Revenue Service (IRS) grants every taxpayer, then you can write these healthcare expenses off on your taxes on an itemized Schedule A (Form 1040). If the amount of out-of-pocket expenses exceeds the standard deduction, then you can substitute that amount instead. However, when it comes to cosmetic surgery, it does not always apply.

What Types of Surgery Can and Cannot Be Written Off

Many people might be under the misconception that since a cosmetic surgery is a medical procedure, it can be written off on their taxes based on how other healthcare expenses are treated. According to the IRS, “any procedure that is directed at improving the patient’s appearance and doesn’t meaningfully promote the proper function of the body or prevent or treat illness or disease” cannot be written off as a tax deduction.

The only time that you might be able to write off the expense of a cosmetic procedure is if it is some type of deformity, abnormality, or if it’s causing some discomfort to your body like chronic back pain. This all has to be confirmed and recommended by a practicing physician. Otherwise everyone might claim a physical discomfort.

TIP: One rule of thumb to remember is if your healthcare insurance will cover your medical expenses, then you’ll be able to write it off on your taxes too.

If you’re still unsure of whether or not you can write off certain medical expenses, then it is strongly advised that you consult someone who does. Success Tax Relief, a tax relief firm is fully equipped to answer any questions you might have regarding medical taxes and what specific kinds of procedures are considered taxable.

Here is a brief list of what you CAN write off:

  • Ambulance
  • Annual Physical Examination
  • Bandages
  • Birth Control
  • Chiropractor
  • Dental Treatment
  • Eye Exam/Eyeglasses/Contact Lenses
  • Hearing Aids
  • Home Care
  • Insurance Premiums
  • Learning Disability
  • Legal Fees
  • Medicines
  • Oxygen
  • Psychologist
  • Surgery
  • Transportation
  • X-Rays

Here is a brief list of what you CAN NOT write off in regards to cosmetic surgery:

  • Cosmetic Surgery
  • Electrolysis or Hair Removal
  • Hair Transplant
  • Teeth Whitening
  • Weight-Loss Program

The list is longer than this. If you want to learn more about what you can and cannot write about, then give the tax professionals at Success Tax Relief a call today at 877-825-1179 or contact us online.

 

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