if you have mutiple sources of income, the taxes keep piling up. We have all sighed a heavy sigh when filing taxes. But what if there was a way you could transition the tax season from being stressful to meeting your vision needs? What do you plan to do with your following tax refund? How about getting LASIK? Here is everything you need to know about LASIK and taxes.
Is LASIK Considered a Deductible
LASIK is a famous laser-assisted eye surgery that helps correct refractive eye problems. While most medical insurance companies don’t cover LASIK, the IRS is promising if you are considering undergoing the procedure but have a budget constraint.
a medical expense is the cost of a diagnosis, cure, prevention, mitigation, and treatment affecting a function or part of the body. Therefore, IRS considers eye surgery as a qualified medical expense.
If your procedure qualifies, you must itemize the deduction when filing tax returns to claim a refund. That means you should tally up everything you paid for the expense and your dependents during the year and enter the total on Schedule A, which you will then attach to the tax return.
Besides the cost of surgery and treatment, you can claim other related expenses, e.g., travel expenses associated with the surgery, in-hospital food, or accommodation on the day of the surgery or the day after.
Fact or Fallacy? – The Facts about Lasik and Taxes
The rules of taxation are often adjusted, which can make tax time confusing. As a result, numerous fallacies could be confusing. Here are these fallacies and the facts behind them.
All expenses are the same
Fact: There are deductible and nondeductible expenses
There are limited options for the LASIK procedure.
Fact: You have unlimited options
LASIK is relatively expensive, so most people need financing for the surgery. Unfortunately, most people believe their options are limited and, thus, don’t try further. Nevertheless, there are creative ways to raise money for LASIK and get a tax refund. You can fund the procedure using your FSA, Tax writes off, or HSA account.
LASIK is a cosmetic surgery
Fact: LASIK is not cosmetic surgery, but an elective surgery
This has been a common misconception, one which most insurance companies have believed and consequently refuse to insure LASIK surgery. However, LASIK is not cosmetic surgery. Instead, it is considered an elective, as patients get LASIK to improve their vision, not their appearance.
Why You Should Consider Using your Tax Refund to Get LASIK
You already have a pile of things you would like to do with your tax return, but maybe you should put LASIK on the top of the list. Here are three reasons.
- You Can Write it Off on Your Next Year’s Taxes
According to the IRS, you are allowed to include medical expenses you pay for eye surgery in an attempt to treat defective vision, including laser eye surgery. Therefore, you can add the LASIK procedure to your deductions if you file a Schedule A with your 1040.
However, you should consider a few things regarding current tax laws. First, note that the law only allows you to deduct medical expenses higher than 7.5% of your adjusted gross income. Second, you have to itemize your returns, failure to which you may not be in a position to claim these medical charges. So, if you qualify for this deduction and struggle with refractive eye problems. Undergoing LASIK with your tax refund could help improve your vision and get a refund next year—a win-win situation.
- Save More
We are all trying to meet our needs while saving on expenses. LASIK can help with that. Imagine not having to get a new pair of lenses or frames yearly or when your prescription changes. Or when you misplace your pair of glasses or break them?
LASIK offers a long-lasting solution to pricey contact lenses and glasses. It is a one-time investment that corrects your refractive eye problems, guaranteeing you no additional eye care expenses.
- Enjoy Better Quality Life
You already have different ways the tax refund can improve your quality of life. Maybe you want to save money, buy an electronic to make life easier, or get ahead of your mortgage. But what if you could enjoy life better than purchasing any of these things and instead go for LASIK?
LASIK procedure corrects vision, which means you get to see clearer and perform everyday tasks better. You can now perform better at work with less struggle and enjoy every activity.
You can also engage in many more activities that you previously couldn’t since you were constrained with corrective lenses. Enjoy the convenience and positive lifestyle you will enjoy, which will boost your confidence and esteem after LASIK.
Is anything more important than getting natural, clear vision? The above information guides you on everything you should know about LASIK and taxes. Ready to take the next step and enroll for LASIK? Schedule your free consultation with us, and let us see if you are a good candidate for LASIK.