With the end of the year fast approaching, it’s time to start thinking about your annual income taxes.
As you gather all the documents and information you need, it’s worth considering where you can save yourself money.
Did you know that Invisalign may be deducted from your tax return? Along with some other restorative and preventative dental procedures, Invisalign can be deducted as a medical expense. Here’s what you should know about deducting dental expenses…
What procedures can be deducted?
According to the Internal Revenue Service (IRS), a percentage of expenses related to the cost of diagnosing, treating, improving, or preventing a qualifying medical condition may be deducted. This includes dental procedures like Invisalign, which is used to straighten teeth and treat malocclusion and other bite conditions. Other qualifying dental procedures include implants to replace missing teeth and prevent further health issues; and dental crowns to treat a damaged tooth or support a bridge. Essentially, any procedure that is performed to improve your overall oral health qualifies for tax deduction. So, if you need root canal treatment or treatment for gum disease, for example, you can consider these as a medical expense.
The deductions refer to any out-of-pocket expenses. This includes your dentist’s fees, in-patient care, prescription medication, medical supplies and transport to and from your treatment. If you would like to read more information about qualifying expenses, have a look here.
Can I include treatments for my family?
The good news is that tax deductions for Invisalign and other dental procedures can also include expenses for your spouse or any dependents. So, if your teenager needs an Invisalign treatment, you can count any out-of-pocket costs towards your medical deduction.
What are the minimums?
It’s important to note that tax deductions for medical and dental expenses allow only for a deduction in excess of a certain percentage of your income. It is possible, however, to combine all of your deductible expenses to meet the threshold. In order to write-off your dental expenses, you must itemize your deductions. Depending on your income level and other factors, the potential downside of itemizing is that you won’t be able to claim the standard deduction. Unless your medical expenses deduction, in addition to other itemized deductions, exceeds the standard deduction, writing off your dental and medical costs won’t actually help you on your taxes.
Is there anything that’s not covered?
You may not deduct any treatment for which your insurance provider paid or reimbursed you. Also, any dental expenses paid from a health savings account (HSA) may not be deducted.
Only dental procedures that relate to the prevention or treatment of oral conditions qualify for deduction. You may not deduct cosmetic treatments, like teeth whitening or porcelain veneers, for example.
For more information about tax deductions and payment plans, please don’t hesitate to get in touch.
If you need a Colorado Springs dentist, contact The Studio for Exceptional Dentistry or call our office at 709 602 2614 to schedule an appointment with Dr Andrew Hall. We offer a wide range of services, including general dentistry, root canals, treatment for gum disease, deep cleanings and more. We want you to be able to show off your smile without hesitation and enjoy optimal oral health!