Are you due a Tax Refund?Posted Wednesday, October 6, 2021
Whether Your Medical or Dental Costs Are Big or Small It’s Always Nice to Get Something Back!
By Eva Byrne, Tax Manager, Contracting PLUS
There is great excitement when planning for a baby and ultimately bringing home a healthy new bundle of joy. However, sometimes plans do not go smoothly for everyone and associated medical costs can build up.
If you have health insurance, then you should make claims with your provider first, but certain expenses such as IVF treatment might not be included. Thankfully, 20% of your unreimbursed medical costs can be claimed on your tax return. This even includes prescriptions. So, if you spend €100 on medicines you will get €20 back in tax you’ve already paid. My pharmacist is happy to give me a yearly statement for this purpose, so I don’t have to go around the house looking for receipts.
There are many other unexpected health related expenses that can reduce your tax bill. Like specific food bills for a medical condition such as diabetes, prescribed physio, overnight accommodation, and travel costs for visiting a sick child in hospital. Even treatments abroad provided by a registered practitioner can be permitted. The list is long so don’t be afraid to ask us!
I am often asked about dental costs and this one is trickier as not everything is allowed. Big-ticket treatments like crowns, veneers, root canals, periodontal and surgical extraction of wisdom teeth can be included. As a mother of a teenager, I’m particularly happy with the tax relief I will receive for my sons newly acquired braces, and of course the beautiful smiles he will send my way!
Additionally, there are annual tax credits that you can claim if your child has a mental or physical condition. There are also tax deductions available if you are employing a carer for an incapacitated relative.
While it can be emotionally difficult to apply for these tax breaks it is after all for the benefit of improved health and wellbeing for you and your family.
Understanding the system can make that financial difference for you and your family.
So what’s your story? Call 01 6381870 today and tell us…
Contracting PLUS – Making Your Tax Returns Simple