Should I Use My Tax Return To Pay For LASIK?
Are you considering LASIK? Now may be the best time of year to invest in it!
With the end of tax season approaching, many people are getting ready to see a sizable influx of cash through their tax refund. While most people who have had the procedure agree that LASIK is worth it, you can’t deny LASIK may seem unaffordable.
How can you achieve visual freedom and still stick to your budget? The answer is easier than you may think!
Depending on the size of your tax return, you may be able to pay off the entire procedure. You may be able to at least use some of it to start the process.
At Kovach Eye Institute, you’ll find it simple to find financing options. Why should cost stand in your way of the clear vision you want?
By dividing the price of LASIK into smaller, monthly payments, you can get the procedures now, and enjoy the benefits while you pay it off! You shouldn’t have to wait for fantastic vision!
Keep reading to learn more about how you can use your tax return to pay for LASIK or other financing options!
You May Be Able To Claim LASIK On Your Taxes
If you want to have LASIK, it will never be an inexpensive procedure. After all, these are your eyes.
Do you want to potentially mess them up? Probably not!
You’re paying for the cost of the precise equipment and training to use it, as well as an experienced surgeon. But there may be ways for you to work around the full price of LASIK.
While it may be too late this tax season, you may consider looking into whether you can claim LASIK on your taxes. LASIK is a medical expense in the eyes of the IRS.
That means it is a claimable part of your tax year. The IRS states, “medical expenses are the cost of diagnosis, cure, mitigation, treatment, or prevention of disease, and for the purpose of affecting any part or function of the body”.
But keep in mind there are certain rules and stipulations when it comes to claiming things on your taxes. First of all, you will need to itemize your deductions, which can be a lot of work.
Second, there are strict regulations on how much you can claim based on how much you earned that year. Consider seeking a tax advisor if you plan to go this route.
You May Be Able To Use an FSA or HSA to Pay for LASIK
You can also use a flexible spending account or a health savings account to save tax money on LASIK. This is only if you have access to one or the other.
With an FSA or HSA, you put money into the account, which can then be withdrawn for specific purposes, like LASIK. The money is then untaxed.
But, as with deductions, there are many rules around them, especially when it comes to flexible spending accounts. FSAs can see you losing your investment if the money is not spent in the allotted time.
Talk to your employer to see if you have access to an FSA or HSA, and what their specific rules are.
LASIK doesn’t have to be an unattainable thing that you wish you could have. Come schedule your LASIK consultation at Kovach Eye Institute in Chicago, IL to find out if you’re a good LASIK candidate!
If you’re tired of your vision holding you back, why not take the leap towards visual freedom?
