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Published by Kristyn Hodgdon
Posted on
October 10, 2022
Read Time
2 mins
Published by Kristyn Hodgdon
Posted on
October 10,, 2022
Read Time
2 mins
It’s no secret that kids are expensive. From providing for their basic needs to the exorbitant cost of childcare, they tend to soak up monetary resources quicker than expected. But for many, these expenses start even before baby arrives. This is particularly true for those utilizing Assisted Reproductive Technologies (ART) like IUI and IVF in the hopes of building their dream families.
Amidst the financial stress of fertility treatments, it’s important to find silver linings where we can. One of these is finding out that some fertility and pregnancy expenses are actually tax deductible!
So, what does this mean? Essentially, a tax deduction, or write-off, is something you can remove from your taxable income that lowers the overall amount of taxes you owe. In other words, it shows the IRS, “Look, I’ve already spent this amount of money, so I don’t need to pay taxes on it.” This “spent” money may be medical bills, invested money, lost money, or – as it turns out – IVF.
You may be hesitant to think of this as a silver lining. After all, IVF is hard enough without tacking tax season on top of it. Luckily, Hera Fertility, which creates fertility payment plans made just for you, can help ease some of the stress.
