Spring means warmer weather and blooming flowers…but it also means tax day is near. As you rush to submit your taxes, slow down to ensure you get all of your entitled deductions.
If you’re itemizing your deductions, remember that dental expenses are treated like medical expenses. You can itemize medical and dental costs if they exceed 10% of your adjusted gross income (for most people). According to the Internal Revenue Service, “prevention and alleviation of dental disease,” is included in medical deductions.
What do you get to deduct?
• Preventive treatment: Standard dental procedures, like teeth cleanings, sealants, and fluoride.
• Treatment to alleviate dental disease: X-rays, fillings, braces, extractions, dentures, crowns, and root canals.
• Mileage to your dentist for you and/or your dependents.
What can’t you deduct?
• Cosmetic procedures, such as teeth whitening, cannot be deducted.
Check your medical/dental expense percentage before you deduct them. They must be 10% or greater for 2014 expenses. And remember, you can’t double dip. If you used a flex spending account, you can’t claim that on your taxes.
Confused? Watch this short video from the IRS’s YouTube Channel.
This article is not specific to your personal financial situation. Please seek professional advice based on your particular circumstance.