Getting a Tax Refund? Here’s Why LASIK Is a Smart Way to Spend It

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Posted by: Missouri Eye Institute in Blog on April 9, 2024

Want to use your tax refund wisely this year? Investing in LASIK surgery can be an excellent use of those funds, providing long-term benefits for your vision and financial well-being. Here’s why using your tax refund for LASIK is a smart choice and what you should consider when using your refund for vision correction:

1. You can make a lifelong change.

LASIK surgery offers a permanent solution to correct vision problems like nearsightedness, farsightedness and astigmatism. By using your tax refund for LASIK, you’re investing in a lifetime of improved vision, enhancing your quality of life and saving money on long-term expenses associated with glasses or contact lenses.

2. Your lifetime savings could be significant.

While LASIK surgery involves an upfront investment, it can be a cost-effective solution in the long run compared to ongoing expenses for corrective eyewear. Using your tax refund to cover the initial price of LASIK can lead to significant savings over time—sometimes tens of thousands of dollars—making it a financially savvy investment.

3. Your LASIK may also be tax-deductible.

LASIK surgery can be claimed as a medical tax deduction if you itemize your deductions on your tax return. This means that you may be able to deduct the cost of LASIK surgery from your taxable income, potentially reducing your overall tax liability. 

Tips for using your refund on LASIK

To claim LASIK as a tax deduction, you must meet certain criteria, including exceeding the medical spend threshold and itemizing your deductions. It’s essential to consult with a tax professional or financial advisor to ensure you meet the eligibility requirements and accurately claim LASIK expenses on your tax return.

Filing your taxes promptly is also crucial if you’re considering using your tax refund for LASIK this year. The deadline for tax filing in 2024 is Tuesday, April 15—however, filing early is advantageous, especially if you anticipate a refund.

The length of time it takes to receive your refund can vary, contingent upon the tax agency’s workload. The IRS estimates that you should expect your refund check within six to eight weeks of filing.

To expedite your refund process, opt for electronic filing and set up direct deposit. These steps could potentially reduce your wait time to as little as three weeks. This approach ensures your refund is swiftly deposited directly into your bank account, rather than being delayed through conventional mail delivery.

Using your tax refund for LASIK surgery can be a smart decision that not only improves your vision but also provides potential tax benefits. By investing in LASIK, you’re investing in your visual health—and to some extent, your financial future.

Missouri Eye Institute has helped thousands of patients attain freedom from glasses and contact lenses. Contact us at (800) 383-3831 to schedule a thorough eye exam or visit MissouriEye.com to learn more about our services.