January 17, 2018
Laser Eye Surgery: A Much Better Use for Your Tax Refunds This Year
At more or less than $2,000 for each eye, LASIK surgery is not the cheapest vision correction procedure around. Despite flexible and affordable financing options offered to patients, the surgery can still be quite the considerable expense, especially since most medical insurance policies don’t cover it. Fortunately, the IRS now allows taxpayers to take advantage of their tax refunds to pay off medical expenses, including laser eye surgery.
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Instead of putting your tax refunds toward things like travel, purchasing savings bonds or real estate investment this year, you can use it to finance your LASIK surgery. Here are a couple of handy tips to help you accomplish this. File Your Taxes on Time It is every citizen’s legal responsibility to file taxes correctly and on time. In the U.S., filing opens on January 31, but refunds won’t be processed until much later. This is why it’s always ideal to file as early as possible so you can have a big enough window if you’re planning to undergo laser surgery within the year. It usually takes three weeks for the IRS to process at least 90 percent of all refunds, so use that as a benchmark to determine when you should have the operation. The waiting time will also serve as the perfect opportunity to consult with a surgeon regarding the procedure. Most eye doctors offer free LASIK consultations to help you learn if you are a good laser vision correction candidate. If you are eligible for surgery, your doctor may even schedule you for a surgery sooner. Check If LASIK Is Deductible Unfortunately, not all people will be able to deduct their expenses on LASIK surgery. This is because medical expenses are subject to a threshold. You can only deduct medical expenses if they exceed ten percent of your adjusted gross income (AGI). Look up your AGI on your Form 1040 before you itemize your deductions. The good news is that there is a way to help you surpass that threshold, like including related costs on top of your surgery. For instance, you can add travel expenses you have incurred when getting to and from the medical institution you had the procedure in. That includes fares for the bus, train, cab and the price of fuel if someone drove you there. You may also deduct inhospital food and lodging expenses if your doctor had you stay overnight after the surgery. Provided that you meet all requirements, you can plan ahead to make your out-of-pocket costs for the surgery lighter. Ask a surgeon from reputable clinics, such as Excel Laser Vision Institute, for other financing aid available to you.
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About Excel Laser Vision Institute Excel Laser Vision Institute is a LASIK surgery eye center that aims to provide vision correction services to Orange County, Los Angeles and other areas throughout Southern California. Founded in 1997, Excel is unparalleled in its commitment to top-quality eye care for patients. Our LASIK specialist, Dr. Ferzaad Moosa, has personally performed tens of thousands of procedures that have drastically changed our patients’ lives.
Sources: Your Tax Refund and LASIK Eye Surgery: How to Use It, LASIK.com Can the Cost of Laser Eye Surgery Be Deducted on Your Taxes?, TheBalance.com
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