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.
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