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Internal Revenue Code of 1986

The official body of federal tax law in the United States.

Medical expense

Costs for medical care, diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body, which can often be deducted from taxable income.

Health care sharing ministry

An organization that facilitates the sharing of health care expenses among members who have common ethical or religious beliefs, rather than providing insurance coverage. Members typically make monthly payments which are then used to help cover other members' medical bills.

Taxable year

The annual accounting period used for tax purposes. For most individual taxpayers, this is the calendar year (January 1 to December 31).

Deductible

An amount that can be subtracted from a person's gross income to reduce their taxable income.