Deducting Medical Expenses

The threshold for deducting medical expenses is now 10% of your adjusted gross income; this is up from 7.5% from 2012. This means that your medical expenses must exceed 10% of your adjusted gross income before you can claim a deduction. If you or your spouse is age 65 or older, your threshold remains the same at 7.5%.

Please make sure to consult your tax advisor if you plan on deducting your medical costs, not every person will be eligible for the deduction because it depends on your adjusted gross income. Please visit our website to inquire about further information, www.steveveseycpa.com.