February 7, 2018

TCJA temporarily lowers medical expense deduction

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.