Medical expense deduction (self-employed)?

So... last minute taxes, coz I've been putting it off for fear of the headache I'd get (and am getting).

I'm self-employed, and went through and deducted all business expenses (rent for home office space, computer stuff, stationary, supplies, etc, etc...). I also deducted my insurance premiums as a business expense, but then did other medical expenses as personal expenses.

However, not having many personal deductions, my medical expenses don't seem to be enough to take any deduction, and being rather poor (oh woe is me) I'd prefer deducting medical expenses as a business expense if I can... can I? And if so, where do I do that? I only see a section for insurance... not misc. medical expenses.

Thankyou so much!!!

Nothing's paid with credit card... all debit/bank card, and I have the bank records and receipts for everything. No interest. I don't even have any credit cards.

My medical expenses exceed 7.5%, but it still won't let me deduct them as those are pretty much the only personal expenses I have (most everything is business, as I work from home, so can deduct portions of utilities, rent, phone, internet, etc...) so I don't have enough personal expenses total to get any deduction apparently (?).

I don't make enough for them to bother auditing me... they'd be spending more to audit me than they'd get back (if they got anything back, as I have receipts for everything and they're all legit).

Basically, all misc. medical expenses are through insurance (what insurance wouldn't cover, etc...) which IS business, so...???

Ugh.

If anyone could further clarify I'd appreciate it (I realise I'm probably arguing a moot point, but hopefully someone can point that out?)! Thanks!!!

If you pay medical expenses or bills with credit card, you are in luck and also out of luck.

The principal payment for those bills by credit card are deductible...but the interest is definitely not deductible.

I say it is best to deduct the bills as a business expense but do it fast...and send the return fast because the deadline is 14 hours away.

Regrettably, you will be slapped for an audit, so keep all of your receipts for your medical bills...most of them. It will be extremely sad when the tax auditor comes in and decides that you have no proof that you have medical expenses that you can write-off as business expenses....and lose money in the process.

Good luck!

You cannot deduct personal medical expenses as a business expense.

The only way you can deduct personal medical expenses is if they are more than 7.5% of your adjusted gross income. And then, only the amount in excess of the 7.5% is deductible.

I think you're out of luck in terms of deducting your personal medical expenses.

No you don't get to choose where to put the expenses - they are personal medical expenses. Your premiums go on line 29 of your 1040 not your Schedule C.

I am not an expert or anything, but I can't think of how this could be business expense. However, there are ways that a person who is self employed can do a Sec. 125 plan where they withhold a certain amount for the year, taken each payday and then can pay from that account. Understand that it has to be a completely separate account and at the end of the year the money goes back to business. But it is way over my head, but that might give you information to ask someone who does know. I don't know if a certain number of employees is required or not. I just heard someone who owns a real estate office indicating that they put money into the account -- I did it when I was working - but if the money was not used, it went to the employer. With being self employed that is not so bad as it goes to the business. But there may be restrictions. I have no idea about what the guidelines are, but hope this gives a way for future - after some research or some tax advice.