This post is a guest post from my friend Tiffany. See her bio at the end and do check out her blog. The post may contain affiliate links.
You can download a FREE copy of the spreadsheet HERE!
Here are the current categories for deducting medical expenses:
- Prescriptions: Co-pays for prescriptions, insulin, birth control pills, arthritis painkillers, asthma inhalers
- Medical Professionals: Dentists and doctors, chiropractors, physical therapists, acupuncturists
- Facilities: Nursing and retirement homes, inpatient rehab centers, sanitariums, hospitals and clinics
- X-Rays and Lab Work: Blood tests, cardiographs, metabolism tests, urine analysis
- Long-Term Care: Personal care, rehabilitation, therapy
- Glasses and Contacts: Exam fees, saline solution, enzymatic cleaner, eye surgery and vision correction
- Supplies and Equipment: Hearing aids, oxygen, braille supplies, crutches
- Travel Expenses: Miles driven; bus, parking, taxi, etc.; lodging expenses
- Insurance Premiums: Separate by person and if it’s long-term
- Other: Anything else that does not fit into the other categories
In this spreadsheet, I put each of these categories in their own tab. At the top, you can get the total for each category. On the first tab, you will also get the total amount spent in all of the categories.
The only category that is a bit different is travel expenses. Each time you drive to the doctor, etc. then put the mileage in the same line where you enter the bill. If there is no bill, then add it as a separate line in the Travel Expenses tab. The reason you want to keep track of miles is that you can deduct a certain amount per mile you travelled in your car (in 2017, that amount is $.17 per mile).
I hope that this spreadsheet is useful to you! Having medical expenses is difficult enough as it is; you shouldn’t have to worry about them more than you have to.
This helps to understand how taxes affect our finance and most times in debt when your money is not well- planned out. Thanks
https://rawlingsunday.wordpress.com/2018/01/28/4-ways-to-budget-your-money/
Perfectly timed as I prepare to do my taxes this weekend!
I’m extremely thankful to have always been in very good health. Still, the information in this post was very valuable knowledge to have.
Touch wood, your health remains immaculate, but just in case it doesn’t, you know what to do regarding your taxes.
Great and helpful info here. I always save all our medical bills & receipts to give to our accountant. We do the FSA because we’re able to carry over up to $500 a year so it works out well for us.
Thanks for sharing these tips and the spreadsheet. Medical expenses and tracking can be such a headache!
I agree. I think it’s something I will always need help with.
;Great explanation and yes. Keep up with your mileage. It does add up everything you go on a round trip.
It will be interesting to see how these deductions will work for 2018 taxes next year since the standard deduction is doubled for 2018.
Thank you for the valuable advice- we should have taxes as a subject in school!
This is actually super helpful! Thank you for putting all this together!
Its really helpful to calculate medical bills…thanks for sharing