Category: Individual Tax Planning
Posted: September 2018
The medical deduction can only be claimed if your unreimbursed costs exceed 7.5% of your adjusted gross income (AGI) for tax years 2017-2018 (10% of your AGI after 2018).
Qualifying costs, which include many items other than hospital and doctor bills, often amount to much larger figures than expected. Here are some items you should take into account when determining your medical costs:
In summation, medical costs are fairly broadly defined for deduction purposes. If you believe you may qualify for a deduction, please call to set up an appointment to discuss this or any other aspect of your taxes.
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