Tax Facts

Information to help individuals and small business navigate our complex Tax Laws. Not to be construed as tax advice. Contact your hired tax advisor for your specific tax situation and advice.

Medical Expenses: 10% Floor for All in 2017

This change is most important to note for those who are 65 and over. For tax year 2017 the amount of qualifying medical expenses that can be deducted on Schedule A of the tax return must now exceed 10% of your adjusted gross income (AGI) for all taxpayers. In previous years, for those 65 years and over, the floor was 7.5% of AGI, which has now expired.

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