We know that our patients are concerned about the cost of LASIK surgery and are frustrated by the fact that many insurance companies don’t view it as a critical medical procedure, but did you know that LASIK surgery is among the medical expenses qualified for a state and federal tax write-off?
The Internal Revenue Service (IRS) considers LASIK surgery to “meaningfully promote proper function of the body” and we could not agree more! When evaluating possible deduction and itemizing your deductions, this information may be helpful.
IRS Publication 502 provides complete detail about medical and dental expenses that can be deducted and under what circumstances.
The IRS and TurboTax’s medical expense information states that you cannot only deduct the cost of LASIK surgery, but also the associated costs, such as transportation to and from the LASIK surgeon’s facility, health insurance premiums and prescriptions.
Not every taxpayer is able to deduct these itemized medical expenses. Please consult with your accountant or tax preparer.
Disclaimer: The information contained in this blog post is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant. Be sure to consult with a professional account, tax preparer or the Internal Revenue Service (www.irs.gov) for further information and/or advice on tax deductions.
