Medical Expense Deductions

December 7th, 2024 | Lifestyle

Tax Tips for the End of the Year

Some questions are more important than others. This 2024 tax season, as you comb through receipts and crunch numbers, you may wonder about tax medical expense deductions. Well, this is a great question – especially if you have invested in your well-being with items like supplements, fitness equipment, or even some of our nausea solutions like our Queasy Drops or Preggie Pops.

The short answer? Maybe! The long answer? Medical expense deductions depend on your situation, the type of product, and how it’s used. Let’s break it down so you can tackle this with confidence.

Understand Medical Expense Deductions

The IRS allows medical expense deductions if they exceed 7.5% of your adjusted gross income. But, what qualifies as a medical expense? In short, costs for diagnosis, treatment, disease prevention, and treatments that affect the function of the body. Also – doctor visits, prescriptions, surgeries, and some over-the-counter items with a doctor’s recommendation. So, here you might have an opportunity to claim medical expenses.

What About Over-the-Counter Products

Over-the-counter items like vitamins, supplements, and non-prescription remedies can be tricky. They are usually not included in medical expense deductions. In most cases, these types of health products aren’t considered medical expenses unless they’re prescribed by a doctor.

However, if you’ve been using our magnificent Queasy Drops or Preggie Products for a medically diagnosed condition like severe morning sickness, cancer treatment nausea, or chronic upset stomach, and your doctor recommends them, keep that receipt! It could make a difference.

Consult A Tax Professional

Tax laws are complex, and deductions can vary from one person to the next. So, why does contacting a tax professional matter? A tax professional can help you navigate the process and tell you if your health products are deductible from your income tax. They can help you not miss out on any potential savings. If you’re unsure about this, ask your accountant to review the full list of your medical-related expenses. This is worth looking into.

Our Queasy Products And Tax Deductions

If you’ve used Queasy Drops or Preggie Pops whenever you wanted to manage your nausea due to pregnancy, travel, or medical treatments, these products may qualify as medical expense deductions. This especially goes if your doctor recommends them.

• For all those moms who are expecting – Severe morning sickness? That’s a medical condition. If your doctor suggests Preggie pops to manage your symptoms – they might make the deduction cut.
• For those of you who are cancer patients – If our Queasy drops have been part of your treatment plan to ease nausea, it’s worth to see with your tax advisor if this is something deductible.

Take care of your health – there is no better investment than that one. But, this is even better when you can recoup some of those costs when the 2024 tax season comes. While not every health product will qualify as a medical expense deduction, all you need to do is understand the rules, stay organized, and use that big difference.

Keep those receipts and talk to a professional. And in the meantime, check out our other blogs for more information!