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An article in yesterday’s Wall Street Journal found the silver lining in our current economic crisis. As incomes for many dropped this year and health care costs for virtually everyone went up, more Americans will be able to qualify for the end of year tax deduction for medical expenses. Because the rules do not allow deductions until health care costs rise over 7.5% of income, few filers have been able to take it in the past. But this year more people will be eligible. In more good news, the range of expenses that qualify as medical for IRS purposes is large but there are important strategies to claiming the deduction. Most important is documenting the expenses and managing the paperwork.
Ellen Andrews