8 Things to Know About Divorce and Taxes
If you’re filing for divorce, or find yourself recently divorced, it’s imperative that you understand how your changing marital status...
The IRS allows you to deduct qualified medical expenses that exceed 7.5% of your adjusted gross income for 2018. Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of qualified medical expenses that exceeds 10% of their adjusted gross income.
Qualified medical expenses are those which are unreimbursed by insurance or employers and are required as preventative care or treatment for vision, dental, and psychological matters. Medical expenses for which you are reimbursed, cannot be deducted. Also, cosmetic procedures, non prescription drugs, and health membership dues used for general health, such as vitamins and gym memberships are not considered deductible.
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