Lasik treatment is a surgery on the eye that uses lasers to correct vision problems by permanently reshaping the cornea of the eye. The procedure costs about $3000, and even though your insurance company won't pay for it, the IRS will let you write it off.
The IRS contends that Lasik surgery meaningfully promotes the proper function of the body. This is why Lasik surgery is deductible and breast augmentation and teeth whitening are not. Apparently, neither one of these elective procedures promote the proper function of the body.
Because the IRS allows your Lasik procedure to be a tax deduction, you can also deduct expenses related to your Lasik procedure. This means that you can deduct co-pays, medications, and travel to and from the clinic, any hospital food or lodging. You may also deduct Lasik procedure and related expenses for anyone claimed as a dependent on your income taxes.
The IRS allows medical expenses, such as Lasik procedures, to be deducted on Schedule A of form 1040. You should note that only the expenses that exceed 7.5% of your Adjusted Gross Income can be allowed. The fact that you can include related expenses should help you to grow the numbers closer to qualifying.
No one recommends that you just run off and have Lasik surgery performed in order to get a tax deduction. However, if you know that your deductible medical expenses are approaching the 7.5% of Adjusted Gross Income that makes this deduction possible, and you have eye trouble that causes you to wear glasses, this might be a good opportunity to get your Lasik surgery done and deduct some of the cost from your income tax.
This an example of a good tax strategy that will allow you to receive a deduction on something you may have missed out on previously.
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. His famous Tax eBook "Stop donating your money to IRS" which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax. Just visit his website http://www.planningyourtax.com/ and claim your FREE eBook
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