Changes in Tax Deductions for Medical Expenses Ahead

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Out-of-pocket medical expenses can be a burden for many and in the next year the burden could become worse. Beginning in 2013 as part of Obamacare, the floor for deducting medical expenses on your Form 1040, Schedule A, increased from 7.5% of your Adjusted Gross Income (AGI) to 10% of your AGI. Seniors are defined as age 65 or older, and are exempt from the increase through the end of this calendar year.

So what happens after December 31, 2016, for seniors?

  • What if you have turned or are turning 65 this year? The temporary exemption allows for the deduction …read more

    Read more here:: Government Contracting


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