Chiropractic care is a popular form of alternative medicine that can help to relieve pain and improve overall health. But what about the tax implications of chiropractic care? Can you deduct the cost of your chiropractor visits on your taxes?
The answer is yes, but there are some restrictions. The Internal Revenue Service (IRS) allows taxpayers to deduct medical expenses that exceed 7.5% of their adjusted gross income. This means that if your adjusted gross income is $50,000, you can deduct medical expenses that exceed $3,750.
The deduction amount can be for ALL healthcare expenses, it doesn't just have to be e.g. $3,750 for only chiropractic, you can include any other medical expenses in that amount also, so it's good to keep track of all your other healthcare bills too. It's not common to spend that amount on chiropractic alone, but you very well could spend that on all healthcare expenses combined.
To be deductible, your chiropractic bills must be for the diagnosis, treatment, or prevention of a specific medical condition. This means that you can't deduct the cost of chiropractic care if you're simply going to see a chiropractor for general wellness or to keep your spine aligned.
If you meet all of the requirements, you can deduct the cost of your chiropractic bills on your taxes. This can be a significant deduction, especially if you have high medical expenses.
Here are some additional tips for deducting chiropractic bills on your taxes:
- Keep good records of your expenses.
- Make sure that your chiropractor is licensed and that their services are covered by your health insurance.
- If you're self-employed, you may be able to deduct the cost of your chiropractic bills as a business expense.