Attention, nursing mamas! It now pays to breastfeed your little ones in more ways than one. In addition to it being one of the most natural and healthy things you can do for you and your baby, thanks to the IRS, you will be able to write off the cost of breast pumps and nursing supplies as medical deductions. That’s fantastic news! The American Academy of Pediatrics has been pushing for this tax code change for a very long time. When things like vasectomies and weight-loss programs are considered allowable medical expenses, one has to wonder why lactation supplies and things that promote and support breastfeeding have gone without consideration for so long. In other words, it’s about time! “For years, the AAP has been urging the IRS to recognize that breast milk is not just the best and most natural food for infants; it confers well-documented health benefits on both baby and mother that cannot be obtained any other way,” AAP said in a statement. “The IRS has finally acknowledged this medical fact, and we applaud them for changing their regulations accordingly.” Now, the catch: in order to deduct such medical expenses, your costs have to exceed 7.5 percent of your adjusted gross income, but don’t fret. Crossing that threshold, especially in your baby’s first year of life, will come before you know it. Breast pumps and supplies can be incredibly expensive, not to mention trips to the pediatrician’s office, classes, and lactation workshops, and the other various prenatal and post-natal expenses can rack up pretty quickly. Check out the IRS website for more information and talk to your financial adviser or tax guy. Heck, talk to your mommy friends, too, and spread the word!!
Posted on: Fri, 17 Jan 2014 18:06:41 +0000
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