Tax Tip of the Day If you file Form 1040 and itemize - TopicsExpress

Tax Tip of the Day If you file Form 1040 and itemize deductions, you may deduct medical expenses that are over 10.0% of your adjusted gross income. Taxpayers over 65 may deduct 7.5% over adjusted gross income . If filing MFJ only one taxpayer has to be over 65 to claim the 7.5% deduction. Careful planning may allow you to plan ahead so that you can take more medical deductions during one year instead of spreading them over two years. For example, schedule and pay for routine doctor or dentist appointments by December 31 instead of early in the next year. If you pay your bill by loan or credit card, it is considered paid for tax purposes.

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