As the tax year winds down, it’s time to start planning for the dreaded Tax Day. But on the bright side, you may be able to make an extra and unexpected buck on your 2016 dental expenses.
But first, learn if you’re eligible:
Your total dental/medical expenses must exceed 10% of your adjusted gross income.
If you are over 65 years old, your dental/medical expenses must exceed 7.5% of your adjusted gross income.
To determine if your medical and dental deeds meet the IRS’s expectations, check the full list of potential write-offs.
Here are just a few ways how healthy habits may pay off this tax season:
Most of your routine dental visit, such as the cleaning, sealants and fluoride, is tax deductible. Some more-extensive treatments, including fillings, braces and dentures, are also eligible.
If you participated in an IRS-approved program to stop smoking, you may be able to deduct the cost of your medical expenses. Patches, gum and other over-the-counter methods aren’t eligible.
Weight-loss programs may be tax deductible as long as they’re related to a specific condition, such as hypertension, diabetes or diagnosed obesity.
Talk to your tax specialist to learn more. And if you don’t have one on hand, you can find free tax-prep help at many public libraries. Happy tax season!