April is one month of the year during which many working adults reevaluate their spending habits. Tax day, specifically, may encourage people to attempt to save a few dollars here and there by claiming deductions on essential items or services.
Many people forget to add dental services to their list of tax-deductible expenses. According to a recent article published by Mint Life, procedures such as bi-annual teeth cleanings and cavity fillings that are claimed under necessary expenditures may help individuals lower their tax bills. The news provider noted that dentures and veneers may also be deducted if they are medically necessary, which may require proof of diagnosis from a dentist. However, the news source noted that everyday oral care tools such as toothpaste, brushes or floss cannot be claimed on tax forms.
There are ways to save money on dental hygiene necessities well before the month of April. For example, did you know that you may not have to pay taxes on portions of your paycheck that are dedicated to basic expenses? A recent article published by Daily Finance encouraged employees to request standard deductions from their weekly or monthly payments, so that only the remaining check balance will be taxed. This is similar to how 401k contributions or healthcare costs are automatically withdrawn from a person’s wages. Some withholding options that the article suggested include expenses for child care, transportation and dental services.
The news provider explained that individuals who take advantage of these types of deductions may reduce the amount of money that they pay to state, federal or FICA taxes. Moreover, this strategy may alter how a person reports their yearly earnings and move them down a tax bracket.
The news source told the story of one woman who allocated $160 of her bi-weekly paychecks for pre-tax necessary expenses, which resulted in annual savings of more than $2,000.
Individuals who want to take advantage of this money-saving opportunity may consider consulting someone from their company’s human resources department.
Of course, a good way to lower dental care costs is to join an individual or family discount dental plan. Have you used any of these money saving tips?