A chance of showers and thunderstorms in the morning. Windy and less humid with highs in the upper 60s. Southwest winds 15 to 25 mph with gusts up to 35 mph...Becoming west 25 to 30 mph with gusts up to 45 mph in the afternoon. Chance of rain 50 percent.
Tax relief can offset these costs by allowing you to lower your tax burden so that you pay less income tax. Can You Deduct Medical Expenses? Yes, you can claim medical expenses on taxes. The IRS permits you to deduct the portion of your medical expenses that exceed 10 percent of your adjusted gross income. The threshold is 7.5 percent if you or your spouse is 65 or older. How to Calculate Your Tax Deduction for Medical Expenses
The floor for itemizing medical expenses was raised beginning in the 2013 tax year from 7.5% of AGI to 10% of AGI (seniors are exempt from the increase through January 2017). Using our prior example, those same $5,000 in medical expenses that you claimed and deducted a portion of in 2012 arenât deductible at all in 2013: $5,000 (total expenses) less $5,000 (10% of $50,000) is zero. Hitting 10% of your AGI in medical expenses is a steep hill to climb.