Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction; or for participation in a smoking-cessation program and for drugs to alleviate nicotine withdrawal that require a prescription. Payments to participate in a weight-loss program for a specific disease or diseases diagnosed by a physician, including obesity, but not ordinarily payments for diet food items or the payment of health club dues.
Payments for insulin and for drugs that require a prescription for its use by an individual. Payments made for admission and transportation to a medical conference relating to a chronic illness of you, your spouse, or your dependent if the costs are primarily for and essential to necessary medical care.
However, you may not deduct the costs for meals and lodging while attending the medical conference. Payments for false teeth, reading or prescription eyeglasses, contact lenses, hearing aids, crutches, wheelchairs, and for a guide dog or other service animal to assist a visually impaired or hearing disabled person, or a person with other physical disabilities.
Payments for transportation primarily for and essential to medical care that qualify as medical expenses, such as payments of the actual fare for a taxi, bus, train, ambulance, or for transportation by personal car; the amount of your actual out-of-pocket expenses such as for gas and oil; or the amount of the standard mileage rate for medical expenses, plus the cost of tolls and parking.
If you qualify, the deduction for self-employed health insurance premiums is a valuable tax break. With the rising cost of health insurance, a tax deduction can help you pay at least a portion of the premium cost. And that will help to keep you healthy—and happy—in and beyond. TurboTax Self-Employed uncovers industry-specific deductions. Some you may not even be aware of. From stocks, cryptocurrency to rental income, TurboTax Premier helps you get your taxes done right.
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Since , the IRS has allowed self-employed individuals to deduct all Medicare premiums from their federal taxes, including Medicare premiums for their spouses. Image: Shutterstock. More than 63 million Americans are enrolled in Medicare.
Those premiums can certainly add up over time. But unlike the employer-sponsored coverage that most Americans have during their working years, Medicare premiums are not typically paid with pre-tax dollars.
Today's Medicare Poll Yes, I've already comparison shopped and selected the best option. No, I feel overwhelmed by the process of trying to pick a different plan.
Vote Results No, I feel overwhelmed by the process of trying to pick a different plan. Americans 65 and over are self-employed more than any other demographic, and with changes in retirement norms, the chances you could find yourself self-employed and enrolled in Medicare are greater than ever before.
You may also want to itemize deductions if you:. Some people don't qualify for the standard deduction. How deductions affect your state tax bill may also factor into your decision. For more information, visit the IRS website , which has a tool you can use to see if you can deduct medical expenses, use tax preparation software or talk to your tax preparer. Lower Your Health Care Costs Itemizing medical expenses is just one way to lower your health care costs.
If you pay any health insurance premiums out of pocket, know that a late or missed payment can negatively affect your credit score. Consider setting up automatic payments to ensure that both you and your credit stay in good health. Learn what it takes to achieve a good credit score.
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