Tax Savings for 2023 taxes and available for 2024
For those who expressed interest in vision therapy or lens therapy for yourself or your child we may have more good news. Vision therapy and lens therapy are always medical deductions, but are also business deductions for adults in certain cases. You probably have a legitimate business deduction.
A medical deduction usually does not reduce the taxes for most people, but the business deduction always reduces taxes.
A medical deduction usually does not reduce the taxes for most people, but the business deduction always reduces taxes.
We advise checking with your accountant about any tax decision you make. At the same time, we will be happy to answer any question you or your accountant may have. Vision therapy is covered by most major medical insurance plans but not necessarily health plans such as HMO's.
Glasses used at a computer or for any work are tax deductible as a business deduction.
Another tax-saving alternative that applies to adults and children for those who are not self-employed is the Cafeteria 25 plan. It allows certain activities like babysitting and definitely any vision services to receive tax savings. It is coordinated with your finance person. A certain amount of money is designated from your salary as a tax deduction provided you spend it for eligible services and plan it ahead with whoever cuts your paycheck. Contact your employer.. It may have an alternative name like Health Savings Account(HSA).
We are looking forward to serving you.
We are looking forward to serving you.