Considering the Big Snip? There’s a Deduction for That.
While it may be a sensitive subject for some, a vasectomy is one of the most effective methods of preventing unintended pregnancy. About half a million men in America elect to undergo this simple surgery each year. But how many are getting a tax write-off for it? Surprisingly, the IRS does allow men to deduct the cost of a vasectomy from their taxable income.
Foregoing parenthood — is it right for you?
It’s no secret that kids are expensive. Middle-income families spend approximately $233k to raise a child from birth to the age of 17. The figures are even more alarming for higher-income households — about $372,210 — and that amount doesn’t even begin to scratch the surface of college expenses.
If you’re one of the many men in America who’s decided that children just aren’t in the cards for you, then a vasectomy may be among your considerations for long-term birth control.
While there are plenty of factors to consider — couple dynamics, finances, your career and life plans, etc. — one thing is certain: If you plan to pursue a vasectomy, you deserve to get more than the peace of mind that comes with the procedure.
Most men who have a vasectomy don’t know that some of their medical expenses can be written off come tax time. So after all of your ice packs have melted and you’re fully recovered: Deduct, deduct, deduct.
Children or not, we’re here to help.
While there is still less than a 1% chance of pregnancy following a vasectomy, those odds are pretty good. And if you’ve retained all of your receipts for medical expenses related to your procedure, you could gain quite the tax deduction.
If you’re still not sure about how much your credits and deductions will affect your taxes this year, we’ve got you covered.
TaxAct™ guarantees your biggest possible refund, promising maximum deductions and an easier-than-ever filing experience. And don’t worry — reversing a vasectomy can be tax deductible, too, so we’ve got your back either way.
Source : TaxAct Blog