{"id":757,"date":"2018-09-27T14:45:17","date_gmt":"2018-09-27T14:45:17","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=757"},"modified":"2023-09-26T22:52:16","modified_gmt":"2023-09-26T22:52:16","slug":"what-are-medical-tax-deductions-and-how-can-you-claim-them","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/tax-debt-relief\/what-are-medical-tax-deductions-and-how-can-you-claim-them","title":{"rendered":"What Are Medical Tax Deductions and How Can You Claim Them?"},"content":{"rendered":"\n

Half of those with health insurance coverage have to pay a deductible<\/a> of $1,000 or more before their coverage even starts.<\/p>\n\n\n\n

Just one unexpected medical bill can leave you scrambling and wreck your budget.<\/p>\n\n\n\n

One small consolation in the face of these medical expenses is that you can deduct medical expenses on your income taxes each year.<\/p>\n\n\n\n

But how much can you deduct? And does it actually help?<\/p>\n\n\n\n

Read on to find out how medical tax deductions work and how to take advantage of them.<\/p>\n\n\n\n

What Are Tax Deductions?<\/h2>\n\n\n\n

Tax deductions<\/a> are items that you subtract from your income before you determine how much you owe in taxes.<\/p>\n\n\n\n

The benefit of tax deductions is that they lower your overall income. The lower your income is, the less in taxes you have to pay. For example, if your total annual income is $40,000 and you have $3,000 in deductions, you will be taxed on $37,000.<\/p>\n\n\n\n

Obviously, if your income is lower, you will pay less in taxes. Deductions can help you even more, though, by putting you in a lower tax bracket.<\/p>\n\n\n\n

For example, with a $40,000 annual income, you would be in the 22 percent tax bracket<\/a> if you filed your 2018 taxes as an individual. If you deduct $3,000, your income is $37,000, which places you in the 12 percent tax bracket.<\/p>\n\n\n\n

Are Medical Expenses Deductible?<\/h2>\n\n\n\n

You can take a medical expense deduction for many of your health care expenses. This may include your health insurance premiums. This can be particularly helpful if you’re self-employed<\/a>. Even if you are traditionally employed, though, you may be able to deduct your medical expenses.<\/p>\n\n\n\n

Some of the health care expenses you can deduct include:<\/p>\n\n\n\n