It's tax time...and did you know that both acupuncture treatments and fertility treatments can be written off?
It's true! There are certain deductions you can make for healthcare expenses -- but there's a catch, of course. These expenses have to be above and beyond the 10% level of your adjusted gross income (or 7.5% if you are aged 65 years or older). So what does that mean?
Here is how The Motley Fool's Selena Maranjian breaks it down:
"...if your AGI is $65,000 and you're 50 years old, you can deduct the portion of your qualifying medical expenses that exceed $6,500. If they total $10,000, you can deduct $3,500. Got it?"
Both acupuncture treatments and fertility treatments are allowed to be used for these deductions. There are several other deductions listed that you might not have considered such as eye exams and glasses, lab fees, and having to travel long distances for specialized treatment. You can find a more comprehensive list here: http://www.irs.gov/publications/p502/ar02.html#en_US_publink1000178885.
Of course, anyone wanting to use these deductions should consult a certified accountant before attempting them (unless they are one!).