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Check up on unusual medical expenses

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in Small Business Tax,Small Business Tax Deduction Strategies

It’s tough to qualify for a medical expense deduction on your 2016 return, but not impossible. The threshold is normally 10% of your adjusted gross income (AGI) or 7.5% of AGI if you or your spouse was age 65 or over as of Dec. 31, 2016.

Strategy: Scour your records for “unusual” expenses that can put you over the top or add to your deduction.

In Pub. 502, Medical and Dental Expenses, the IRS provides a lengthy list of deductible expenses.

These 20 may surprise you:

1. Abortion: You can deduct the amount paid for a legal abortion.

2. Acupuncture: Include in medical expenses the amount you pay for acupuncture.

3. Alcoholism treatment: A deduction is allowed for inpatient treatment at a therapeutic center for alcohol addiction. This includes meals and lodging provided by the center during treatment. Similarly, you can deduct the cost of transportation to and from Alcoholics Anonymous meetings in your community, if medically pr...(register to read more)

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