Are medical expenses tax deductible?

In Virginia, medical expenses can be tax deductible with certain restrictions. Medical expenses must exceed 7.5% of your adjusted gross income for the year in order to be eligible for a deduction. This means if your adjusted gross income is $50,000, only medical expenses exceeding $3,750 can be deducted from your taxes. Some examples of medical expenses that are eligible for tax deduction are payments for doctor visits, hospital fees, lab fees, and certain prescription medications. However, preventative care, such as routine doctor check-ups, is not eligible for a tax deduction. Additionally, any type of cosmetic surgery or procedures to improve your general appearance are not eligible for deduction. If you are itemizing deductions, you must include all of your medical expenses on your tax return. You can add all of your medical expenses that meet the 7.5% threshold and subtract them from your taxable income, reducing your overall tax liability. It is important to keep detailed records of your medical expenses throughout the year in order for you to take advantage of the tax deduction.

Related FAQs

How do I determine my filing status?
What is the tax rate for dividends?
What are the benefits of filing taxes early?
What are my options for filing taxes electronically?
What deductions can I claim for my business?
Are there any tax advantages for filing a joint return?
What is a tax lien?
What is the tax rate for trusts?
How much tax do I have to pay on inheritance?
What is the tax rate for estates and trusts?

Are medical expenses tax deductible?

Related FAQs

Related Blog Posts