2018 Tax Law has a Lower Threshold for Medical Expense Deductions

For those who can afford it, 2018 could be a much better time to get sick than 2016 was.

That’s because the 2018 tax law lowers the threshold past which you can deduct medical expenses from 10% of your Adjusted Gross Income to 7.5% – and it makes this reduction retroactive to 2017.

That means that, if you do happen to have significant medical expenses, your ability to claim them as a tax write-off will kick in sooner – and maybe you should take another look at your 2017 medical expenses.

Need help with that?  Contact Tax Ninja for a consultation.