If you haven’t filed your taxes yet, you may be able to add another tax deduction! The IRS announced that you can include what you spent on face masks, sanitizer, sanitizing wipes and any other products to help prevent the spread of the coronavirus as a medical expense.
You’ll want to make sure you have record of those purchases to ensure you’re getting the max and most accurate of your medical expense deduction.
Keep in mind, this will only assist you if you are able to use your medical expenses as a tax deduction. Your medical expenses have to be more than 7.5% of your adjusted gross income in order to use them towards a tax deduction. Along with that, your other deductions must be sufficient enough to justify itemizing your tax return instead of taking the standard deduction. Your accountant can assist you in determining what is the best route for you to take.
Besides COVID-19 related items, what else can you use for a medical expense?
There is quite a long list, and if you have questions, don’t hesitate to reach out. Here is a quick rundown for seniors:
- Payments made to any type of medical practitioner
- Hospital and nursing home stays
- Reading or prescription glasses or contacts
- Hearing aids
- Crutches or wheelchairs
- Transportation costs to and from medical care
- Insurance premiums for both your medical care and long-term care insurance
- Prescription drugs and insulin
See a complete list of what medical expenses can be deducted.
Just a reminder…the tax deadline has been extended to May 17th. Should you be unable to file your taxes by then, contact your accountant to have an extension filed.
Should you need any assistance with planning for the future, don’t hesitate to reach out!