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Cosmetic surgery required due to a disease or accident. ... Yes, medical supplies are tax deductible if they are necessary for the diagnosis, cure, mitigation, treatment or prevention of disease ...
While Medicare premiums and many other medical expenses are tax deductible, the IRS has a short list of medical expenses that don't qualify for the deduction. These include: Cosmetic surgery
This spending is tax deductible if you meet the general rules for medical deductions. That can include spending on cleanings, X-rays, fillings, braces and other treatments, but not for cosmetic ...
O'Donnabhain claimed a tax deduction for about $25,000 in costs related to her treatment. She initially received a full refund from the IRS, but after an audit, the IRS characterized her surgery as "cosmetic" and not "medically necessary", thus denying the deduction under . The IRS demanded the refund back, and O'Donnabhain sued the IRS in Tax ...
By contrast, a person who wins $3,000 in various gambling activities during the year and loses $3,500 in other gambling activities in that year can deduct only $3,000 of the losses against the $3,000 in income, resulting in a break-even gambling activity for tax purposes for that year—with no deduction for the remaining $500 excess loss.)
If you itemize your deductions on your personal tax return, you may be able to take a deduction for medical expenses you paid during the year. The catch is that you can only deduct the expenses ...
Plus, if you plan to claim additional medical and dental expense deductions, you will need to itemize your deductions. A tax professional can help ensure you file your taxes correctly, and they ...
A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. [1] Its name comes from the earliest versions of such plans, which allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria.