Deduct LASIK at Tax Time!
February 25, 2016
Did You Know that LASIK is Tax Deductible?
Many medical services including LASIK laser vision correction can be deducted from your taxes. Furthermore, the Internal Revenue Service will allow you to deduct travel expenses to and from your LASIK provider’s office!
As always, there are limitations and your accountant can help you navigate through your itemized deductions. You can only deduct medical expenses which exceed 7.5% of your adjusted gross income. That means if you make one hundred dollars a year and you buy a pair of eyeglasses for twelve dollars, you could only deduct four dollars and fifty cents from your taxes. When considering procedures such as LASIK, your tax benefits may become an important decision making factor!
It is best to check with an accountant before making any decisions that involve spending money on elective surgery in hopes of writing it off at the end of the year. There is a wide variety of taxation processes and each individual, family and business is unique and affected differently by tax laws. It is recommended to do your research and read the laws on IRS.gov and review with a certified accountant.