TCJA temporarily lowers medical expense deduction threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act has reduced the threshold from 10% of adjusted gross income to 7.5% for 2017 and 2018. Contact us if you have questions about what expenses are eligible and whether you can qualify for this itemized deduction on your 2017 tax return. We can also share tips for maximizing your 2018 medical expense deduction.