LASIK: Tax-Deductible?

Finally, good news from the IRS: if paying for LASIK surgery means a tighter checkbook afterwards, Uncle Sam might offer some relief. With your renewed eyesight, thanks to your LASIK surgery, you'll be able to see the fine print on your tax forms more clearly. In 2003, the IRS ruled that LASIK is a tax-deductible medical expense. This is yet another tax break for you if you're weighing LASIK financing options. Even if your employer offers tax-free flexible spending accounts, you can pay for LASIK surgery on your own and reap the benefits when tax time rolls around. There's a catch: To be eligible for a tax deduction, your health care expenses need to exceed 7.5% of your adjusted gross income. If your health care expenses aren't that steep, you might consider your flexible spending account offered through your employer, which is tax-free and you can reduce your state income tax payments as well. Ask your accountant or tax attorney whether you qualify for a LASIK surgery deduction.