MEDICAL EXPENSES – A positive twist on that colonoscopy you had this year (pun definitely not intended.)

Going to the doctor sucks. Going to the dentist sucks (please don’t hurt me Dr. Karanofsky). Going to the eye doctor…not so bad. But in April it all becomes worthwhile when you get that tax refund for those medical expenses you paid during the year!

You might be surprised by what can or cannot be used as a medical expense on your personal income taxes.  It may sound strange to be associating tax accounting with medicine, but it’s important to let your accountant determine what is eligible as a medical expense since this area of tax carries a high risk of audit. And we all know there’s nothing funny about an audit.

(Insert medium to long awkward silence here.)

For those of you who are part of a group insurance plan at work:

1. Lucky you.
2. If you are reimbursed for only a portion of an expense (say…90% of the cost of your dentist or 50% of the cost of your glasses) the amount that you are out-of-pocket is an eligible medical expense.  So don’t forget to give that documentation to your accountant (AHEM, AHEM!), and you may be able to use it to reduce your tax bill!

Please note – Does not apply for glasses purchased from your dentist or dental work administered at LensCrafters.

Once again, for more information on this and other tax issues, please contact The Funny Accountant/President of MK & Associates at mitch@mkassociates.ca

Sincerely,

(Dammit Jim…I’m a Doctor not a Funny Accountant!)
The Funny Accountant.

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