Qualified medical expenses can include out-of-pocket fees for medical professionals, long term care premiums, hospital care, nursing home care, treatment programs, health insurance premiums, prescriptions, and modifications done to your home for medical reasons. Don’t forget eyeglasses, hearing aids, wheelchairs and other durable medical equipment. Taxpayers must itemize to claim medical expenses. For 2017 & 2018, the threshold is unreimbursed expenses over 7.5% of adjusted gross income. Beginning with 2019, the threshold is scheduled to go up to 10%. It is becoming harder to qualify for a medical deduction. If you would like to get a better understanding click HERE.
And remember to contact the CPAs at Sterling Tax & Accounting for all of your Sarasota, Florida tax and bookkeeping needs!