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Medical and Dental Expenses

Posted By Steve Wisinski, CPA, MAFF On In Tax | Comments Disabled

[1]The Internal Revenue Service has expanded their video collection on YouTube, and I recently watched the short, yet informative one on Medical and Dental Expenses [2].  

To deduct your medical or dental expenses, you must itemize your deductions.  Then:

  1. Add up all medical and dental expenses, for you and dependents, that were paid during the year. 
  2. Multiply your total adjusted gross income by 7.5%.
  3. You can claim a deduction for the portion of the medical and dental expenses that exceed 7.5% of your total adjusted gross income.

You can find out more about Medical and Dental Expenses in IRS Publication 502 [3], or simply give us a call [4] and we will be happy to discuss your specific situation with you.