Based on recent IRS rulings, you can now deduct laser vision correction as an expense on your tax return. But financial experts say other medical bills would have to be extremely high during the same year for the laser vision correction tax deduction to do you any good.

A patient who earns, for example, $50,000 annually would need more than $3,750 in total medical expenses (about 7.5% of annual income) for a laser vision correction surgery tax deduction to be worthwhile. Once that threshold is met, a patient who spends an additional $1,000 for a laser surgery procedure could save (as an example) about $380 on a tax deduction.

"There could be some benefit there, and it's certainly better than not deducting if a patient does have those kinds of expenses," Las Cruces, N.M. Certified Public Accountant Paul Mitchell said.

Items that cannot be deducted include teeth whitening and over-the-counter drugs, even if doctor-recommended.

"The law does not allow a deduction for cosmetic surgery or similar procedures, unless needed to correct a deformity related to an injury, disease, or congenital abnormality, to meaningfully promote the proper function of the body, or to prevent or treat illness or disease," IRS officials said in a news release.

"Thus, breast reconstruction after a mastectomy or vision correction by laser surgery would be deductible expenses. However, merely improving appearance is not enough for a procedure to qualify as a deductible."