the medical expense deduction will be lower for 2017 as well as 2018

Be aware of which although the lower threshold will be in place for 2018, the standard deduction has nearly doubled for all taxpayers beginning This particular year. For example, of which amount for married couples filing jointly will be $24,000 for 2018, up via $12,700 in 2017.

This particular means the item’s less likely of which itemizing will give you a bigger tax break than the standard deduction when you go to file your tax returns a year via currently.

For your 2017 returns, the item’s worth exploring the IRS list of qualifying expenses. Although some health care outlays might be obvious contenders — i.e., copays, prescription costs — others are more likely to be overlooked.

More via Personal Finance:
How much you definitely need to earn to take home six figures
Rev up your tax savings with these filing tips
This particular will be why you shouldn’t wait until the last minute to file your taxes

For instance, Smith said, some taxpayers don’t realize of which an elderly person in their care could qualify as a dependent if they meet certain conditions imposed by the Internal Revenue Service.

“If the person qualifies as a dependent, their medical expenses can be rolled into your return,” Smith said.

Another qualifying cost easily overlooked will be what you spend to get yourself or your dependents to the doctor, whether of which’s bus fare (or a similar expense) or the mileage on your car.

“the item’s almost never a big number, nevertheless if you’re taking care of an ill elderly person who will be a dependent, you could be doing a lot of driving around for medical purposes,” Smith said.

Remember, too, of which long-term care premiums are deductible up to certain amounts, the value of which depends on your age (see chart below).

Leave a Reply

Your email address will not be published. Required fields are marked *


18 − seventeen =