Hidden Tax Breaks for Retirees

Vitamins and Nutritional Supplements

“Vitamins and supplements can be overlooked as many elderly taxpayers may think there’s no chance of deducting these medical expenses,” said Ryan Himmel, a certified public accountant and CEO of TaxResearchPro. In fact, vitamins and nutritional supplements are typically discounted as possible sources of tax breaks for seniors.

“We’ve seen countless examples of those on dialysis being prescribed specific supplements and vitamins by their doctor that goes beyond just caring for their general health,” Himmel said. He suggested that the cost of these products can amount to thousands of dollars, which can be applied as eligible deductions.

To qualify as medical expenses, the supplements must be recommended by a medical practitioner as treatment for a specific medical condition diagnosed by a physician, according to the IRS.

It’s important to save receipts for any products that you buy for health reasons, which might add up to a substantial amount over the course of a year. You might also want to ask your doctor to provide a written recommendation for tax-planning purposes.