Tax season is something that hardly anyone looks forward to, even accountants. There’s so much paperwork to do, and you have to go back over expenses you may not even remember making. It’s only further complicated when your life isn’t going as well as you’d like it to. For people who have received a recent medical diagnosis that isn’t positive, it’s even harder.
If you’ve recently been diagnosed with breast cancer, you may not feel like there are any silver linings to your situation. However, when it comes to your tax deductions, you may be able to find a small silver lining. Read on to see what deductions you may be able to make because of your medical situation, and if you have any questions, always talk with your personal tax consultant before making any big decisions.
You Need To Control Your Care
Your doctor should provide you with a care plan that will help you with your fight, but you should educate yourself and ultimately make the choice if what the doctor suggests is the right treatment for your body. Before your next doctor’s appointment, read up on the best breast cancer care methods so you can be confident that the treatments you’ll be undergoing will help you get one step closer to a bright future.
Always Keep a List Around
Part of the reason you should know exactly what treatments you’ll be signing up for is because you can check that list against possible deductible medical expenses. By taking the time to learn how to maximize your medical deductions, you can write off things like mastectomies, breast prostheses and even chemotherapy and save yourself some money.
Evaluate Your Expenses
If you keep a list of all medical procedures you’ve been through during the previous fiscal year, you may still be confused on what counts as a deduction. For everything on your list, ask yourself the following questions:
- Is the expense the cost of cure, mitigation, diagnosis, treatment or prevention of diseases such as breast cancer?
- Was it a payment for a legal medical service?
- Was the service rendered by a surgeon, physician or other medical practitioner?
- Is the expense for treatment that affects any function or part of the body?
- Did it alleviate or prevent a physical or mental issue or illness?
- Was it not just generally good for your health, like a vacation or pack of vitamins?
A possible deduction will answer yes to every question. Before writing anything off your tax report, make sure to double check with your tax consultant to ensure everything is correct. There may be changes to state laws or case-specific reasons why something that answers yes to every question is actually not tax deductible.
Fighting off cancer is a hard battle, because it takes so much out of your personal life that you don’t have much energy to worry about other things like your financial well-being. As long as the bills are getting paid, you might feel like you’ve covered all your bases.
However, just as cancer can feel like it has reached into all areas of your life, it can affect your tax report as well. Certain medical procedures and devices may be included as a tax-deductible write-off, depending on the laws where you live and what your specific medical situation is.
For women with breast cancer, there is hope in the form of tax deductions. Because breast cancer is a disease that affects so many women around the globe, there have been provisions made to ensure you can get help where you need it most. When you’re dealing with astronomical medical bills, financial relief can be the biggest form of help you can receive.
Talk with your personal tax consultant to see what parts of your medical journey may be tax deductible. To help yourself, keep a list of everything you’ve experienced so you know exactly what to bring up in that conversation. As long as you get the OK from a tax professional, you may be eligible to receive some help and get your money back to keep your fight going another day.