Medical expenses greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted in many cases. This is not new news to most. What is news is just what can be deducted or worse yet, forgotten to be deducted — read on!
The Forgotten Medical Expense
A Qualified Medical expense can be deducted on your income taxes for last year 2017. Our goal on this subject is to remind you just what can be a Qualified Medical expense.
Publication 502 by our friend at the IRS (yes, I said that – friends- check out the publication and you will see why they are our friends) gives you a mind jarring reminder of just what, and what not is a Qualified Medical Expense.
If you have ANY possibilities that you may be above the 7.5% deduction for medical expenses, Publication 502 is worth a read as it has TONS of ideas you may have forgotten or did not even know were a deduction.
- Capital Expenses for home improvements
- Transportation Cost
Are possible (check to make sure) deductions we find interesting and easily forgotten.
Don’t let that medical expense deduction go away as it looks like the new tax laws are going to greatly diminish this deductible expense.
Have a Great “Found Medical Expense deduction” Day!
John A. Kvale CFA, CFP