Posts Tagged ‘medical bills’

New Tax Law Preserves Medical Deduction

Friday, August 10th, 2018

For the next 18 months, Americans with high medical bills will be able to continue to write off expenses exceeding 7.5% of their income. To claim the deduction, filers must itemize. However, now that the standard deduction has been increased to $12,000 for individuals, $24,000 for joint filers, it may make sense to simply claim the standard deduction, according to the AARP.