Did you know you can deduct the cost of your contact lens solution? Put it on Schedule A, under the medical section. If you didn’t keep receipts last year, start saving them now for your 2012 taxes!
Here’s a link to allowable and non-allowable medical deductions, arranged by how likely my family is to use them. You can get the same list direct from the IRS here.
The list of allowable deductions includes surprising things like:
- medical mileage (Jan-June 2011’s rate is 19 cents per mile; July-Dec is 23.5 cents/mile; and 2012 is 23 cents/mile). Every time you take your kids to the doctor, log the date you went and how many miles you went. Here’s a printable if you prefer paper to spreadsheets.
- annual physical exam
- birth control pills and pregnancy test kits
- breast pump/lactation supplies
- contact lenses and supplies to take care of lenses (solution, etc.)
- any prescription medicine, but not over-the-counter medicine
- insurance premiums
The IRS’s policy is to tax you the proper amount, NOT over-tax you. Take all the allowable deductions you can! Our family had more than $9,000 in medical expenses last year to deduct. How about you?