Thursday, April 3, 2014

Deducting Medical Expenses Just Got Harder

Smart taxpayers know that deducting any expenses possible is an easy way to save on taxes. For many years now, wise taxpayers have made sure to deduct all applicable medical expenses during the tax return preparation process. Unfortunately, however, recent changes to deduction laws have made it more difficult for medical expenses to qualify for deduction.  


While it used to be that the threshold for deducting medical expenses was 7.5% of the taxpayer’s adjusted gross income, the threshold is now at 10%. Fortunately, however, the change does not apply to individuals over the age of sixty-five; they can utilize the old rate for the next three years.


Even if you are no longer able to deduct medical expenses, the right accountant can still handle your tax return preparation in such a way that you get maximum benefits, so contact the friendly accountants at Susan. S. Lewis, Ltd. today.

No comments:

Post a Comment

I welcome your comments here :)