Are medical expenses tax deductible?

Yes, medical expenses are tax deductible in California. This applies to both personal income tax returns and business income tax returns. You can deduct medical expenses from your taxable income if the care was provided for you, your spouse, your dependents, and your children. The expenses must have been paid for in the taxable year in which you are filing the return. In order to be eligible for the deduction, the expenses must be for medically necessary services or products. This includes medical and dental services, prescriptions, durable medical equipment, and hospitalization fees. In some cases, you may be able to deduct commercial weight loss programs and certain health insurance premiums, including long-term care insurance premiums. You can only deduct the amount of your total medical expenses that exceeds 10% of your adjusted gross income. The deduction is limited to $2,500 of unreimbursed medical expenses, with the exception of married couples filing jointly. In this case, the amount is double, up to $5,000. Keep in mind that you may be required to file a separate form along with your income tax return to get the deduction. Additionally, certain expensess, such as cosmetic procedures and health club memberships, are not eligible for the deduction.

Related FAQs

How do I know if I qualify for the Earned Income Tax Credit?
Can I write off my business expenses on my taxes?
Are medical expenses tax deductible?
What is a tax return estimate?
How can I reduce my taxable estate?
How do I file taxes if I live in multiple states?
What are the tax incentives for buying a home?
What is the tax rate for small business owners?
Is my gambling winnings taxable?
What is the difference between federal and state income tax?

Are medical expenses tax deductible?

Related FAQs

Related Blog Posts