As problems such as obesity and drug addiction continue to affect the health of millions of Americans each year, the IRS offers a number of deductions to offset the high cost of medical care. It’s hard enough keeping track of everyday medical expenses that qualify for tax deductions, and when it comes to specialized medical costs, the rules can be especially complicated.
Take, for example, the regulations regarding medical services for an adopted child or gestational surrogate expenses. While adoptive parents are eligible to claim medical payments directly connected to the care of a dependent child, they are not allowed to deduct childbirth expenses for the biological mother. On the other hand, a gestational surrogate’s medical costs are considered deductible if she is deemed a medical dependent.
Other areas where the tax code makes it tricky to handle medical expenses include cosmetic surgery, weight loss for obese patients, alcohol or drug addiction treatment, and smoking-cessation programs. If you, or a member of your family, are dealing with one of these health-related issues, it’s important to understand what types of tax benefits are available in terms of your medical costs.
When you need tax guidance regarding any type of medical expense, usual or unusual, turn to the tax consultants at Taxation Solutions, Inc. Serving the Atlanta region since 2008, we’re here to keep your finances in good health now and in the future. Reach us by phone or e-mail!