If you’ve been investing in face masks, hand sanitizer, and disinfectant wipes during the COVID-19 pandemic, you’ll be able to write the items off on your upcoming taxes.
On Friday, the IRS announced that PPE items bought to curb the spread of the pandemic are considered tax-deductible medical expenses.
“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 agency revealed in a statement.
This means purchases made by an individual taxpayer, spouse, or dependents that's not covered by insurance can be deducted. The only caveat is that the total medical expenses must exceed 7.5% of a person's adjusted gross income and must be itemized in tax returns.
PPE purchases made since January 1, 2020 would be covered, the agency revealed. Eligible items also include hand soap and disposable gloves.
While PPE purchases are also eligible to be reimbursed under the health flexible plans and medical savings accounts, they would then be considered ineligible as a tax deduction since the plans would be funded by pre-tax contributions.
The tax filing season began on February 12. The IRS announced it would be giving Americans an additional month to file their 2020 taxes by pushing back the tax filing deadline from the usual April 15 to May 17.
"This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” House Ways and Means Chair Richard Neal and Representative Bill Pascrell, head of the panel’s oversight subcommittee, said in a statement Wednesday to Bloomberg. “While we are pleased with this 30-day extension, we will continue to monitor developments during this hectic filing season.”
Just last month, the IRS announced that eligible teachers can deduct unreimbursed expenses for PPE purchased after March 12, 2020. This was in addition to the $250 unreimbursed business and classroom expenses teachers were allowed to deduct, per FOX News.
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