Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment
What is a tax deduction for medical expenses? The IRS allows you to deduct qualified medical expenses that exceed 7.5% of your income for 2017 and 2018. But coming 2019, when we get ready to do this year guys, it is 10% of your adjusted gross income. So it’s very important if you’re getting ready to do your taxes, you may need to recalculate. Sometimes with medical, it’s a lot like charitable and property taxes in my opinion, you need to plan it. So the big years you also have other deductions that may be itemized.
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