As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.
The amounts paid for personal protective equipment are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer medical savings accounts (Archer MSAs), health reimbursement arrangements (HRAs), or health savings accounts (HSAs).
Medical costs that exceed 7.5 percent of adjusted gross income (AGI) can be deducted on tax returns. For example, if your AGI is $50,000, you can claim the deduction only for medical expenses exceeding $3,750. Medical expenses are only deductible if you itemize on Schedule A of IRS Form 1040.
For more information on determining what a deductible medical expense is, please call Russo CPA for assistance.