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IC & Taxes - Take full advantage of medical deductions
Are your medical costs related to IC overwhelming?
Did you attend an IC conference last year?
Has your doctor suggested a treatment not covered by your health insurance, such as acupuncture?
Are you using food supplements to help reduce your bladder symptoms??
If you're feeling the financial pinch during this years tax season, take heart! Many medical costs are tax deductible. ICN user JoyceV brought this to our attention by reporting that she was able to deduct some of the cost of the acupuncture treatments that her physician recommended. Her accountant simply requested that her physician write a simple letter which stated "Joyce V has interstitial cystitis. Acupuncture therapy would be beneficial to her condition." She was then able to deduct a portion of those acupuncture fees.
Our ICN tax accountant confirmed that a variety of medical costs are certainly deductible on the Schedule A tax form, including acupuncture. But, we're also excited to report that certain food supplements may also be covered. Apparently, the tax court has allowed deductions for "the extra cost of foods over the cost of a normal diet when prescribed by a doctor to alleviate a specific medical condition." Thus, a food supplement such as Cystoprotek may be deductible if your physician supports its use.
Kay Bell (Bankrate.com) reports that several other health related deductions are often missed by patients during the tax season, including:
• Travel expenses to and from medical treatments. For 2006, you can deduct 18 cents per mile. 2007 allows a 20 cent per mile deduction.
• Insurance payments from already taxed income, including the cost of long-term care insurance.
• Uninsured medical treatments such as an extra pair of eyeglasses or set of contact lenses, false teeth, hearing aids, and artificial limbs.
• Laser vision corrective surgery
• Medically necessary costs prescribed by a physician. For the IC patient, the cost of catheters for home instillations may be partially deductible.
• The cost of admission and transportion to an IC (and/or other medical conditions) conference is also deductible if you suffer from the chronic illness covered by the event. It will not, however, cover the cost of meals or lodging.
Are your medical costs related to IC overwhelming?
Did you attend an IC conference last year?
Has your doctor suggested a treatment not covered by your health insurance, such as acupuncture?
Are you using food supplements to help reduce your bladder symptoms??
If you're feeling the financial pinch during this years tax season, take heart! Many medical costs are tax deductible. ICN user JoyceV brought this to our attention by reporting that she was able to deduct some of the cost of the acupuncture treatments that her physician recommended. Her accountant simply requested that her physician write a simple letter which stated "Joyce V has interstitial cystitis. Acupuncture therapy would be beneficial to her condition." She was then able to deduct a portion of those acupuncture fees.
Our ICN tax accountant confirmed that a variety of medical costs are certainly deductible on the Schedule A tax form, including acupuncture. But, we're also excited to report that certain food supplements may also be covered. Apparently, the tax court has allowed deductions for "the extra cost of foods over the cost of a normal diet when prescribed by a doctor to alleviate a specific medical condition." Thus, a food supplement such as Cystoprotek may be deductible if your physician supports its use.
Kay Bell (Bankrate.com) reports that several other health related deductions are often missed by patients during the tax season, including:
• Travel expenses to and from medical treatments. For 2006, you can deduct 18 cents per mile. 2007 allows a 20 cent per mile deduction.
• Insurance payments from already taxed income, including the cost of long-term care insurance.
• Uninsured medical treatments such as an extra pair of eyeglasses or set of contact lenses, false teeth, hearing aids, and artificial limbs.
• Laser vision corrective surgery
• Medically necessary costs prescribed by a physician. For the IC patient, the cost of catheters for home instillations may be partially deductible.
• The cost of admission and transportion to an IC (and/or other medical conditions) conference is also deductible if you suffer from the chronic illness covered by the event. It will not, however, cover the cost of meals or lodging.
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