Home / Personal Finance / General / Claiming a tax deduction for medical expenses is getting harder

Claiming a tax deduction for medical expenses is getting harder

Despite tax-law adjustments which have made it harder to assert the deduction for medical expenses, it is nonetheless value checking to see should you can take it for 2018.

As it stands, you may deduct qualifying medical expenses that exceed 7.5 % of your adjusted gross earnings (taxable earnings minus sure changes) so long as you itemize your deductions. That ground is scheduled to rise to 10 % in 2019, which can be a harder hurdle to clear.

This signifies that earlier than the calendar flips to 2019, it could be value strategizing to get the deduction this 12 months.

“If someone is close to getting the deduction or knows they’ll itemize, then if there are things you can accelerate into 2018 instead of waiting until 2019, it might make sense to do it,” mentioned Julie Welch, a CPA who serves on the American Institute of CPAs’ private monetary planning government committee.

Source link

About Virgie Powell

Virgie B. Powell writes for Reiterment Planning and Tax Advice sections in AmericaRichest.

Check Also

Financial advisory firms offer ‘returnship’ programs

Karen Simons Source: Karen Simons Karen Simons was out of the professional world for more …

Leave a Reply

Your email address will not be published. Required fields are marked *