Can You Deduct Medical Expenses? A Comprehensive Guide to the Rules

ARTICLE | July 29, 2024

Authored by Vasquez + Company

Understanding the tax deductions for medical expenses can help you save significantly on your federal income tax return. The article "Can You Deduct Medical Expenses? Here Are the Rules" outlines the criteria for deducting medical expenses, including the necessity of itemizing deductions and meeting the 7.5% adjusted gross income (AGI) threshold.

Key Points:

• Itemizing vs. Standard Deduction: To deduct medical expenses, you must itemize deductions, which fewer people do since the Tax Cuts and Jobs Act (TCJA) increased the standard deduction.
• AGI Threshold: Only medical expenses exceeding 7.5% of your AGI are deductible.
• Eligible Expenses: A wide range of medical costs are deductible, including dental care, insurance premiums, and home improvements for medical purposes.
• Planning Tips: Consider bunching itemizable deductions in alternating years to maximize tax benefits.

For more details on how to qualify and maximize your medical expense deductions, read the full article here.

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