Hoagland Pharmacy

Serving Whatcom, Skagit, Island & Snohomish Counties

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Archive for April 2015

Your medications and your taxes

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Did you know that the IRS allows you to deduct qualified medical expenses that exceed 10% of your adjusted gross income for the year? Or 7.5% if you or your spouse is 65 or older.

Doctor visits and prescriptions can add up! Make sure to save all your receipts so that you can consult with your tax specialist.

“You may deduct as an expense any medicine or drug that is a prescribed drug or is insulin (even if such drug is available without a prescription).” – IRS Topic 502

Read more at these links –
TurboTax – Medical expenses
IRS -Topic 502 – Medical and Dental Expenses

Disclaimer: This is not tax advice, you will need to consult with your tax specialist to get advice for your finances.

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