New Tax Changes Impact 2017 Tax Year: Medical Expense Deduction

Many of the changes to the tax law brought about by the Tax Cuts and Jobs Act will only impact your tax filings for the 2018 tax year.  While those changes should be considered now and throughout 2018, there are a few changes that were retroactive for the 2017 tax year.

One of those changes may make it easier for individual taxpayers itemizing deductions to take advantage of the medical expense deduction.  The Tax Cuts and Jobs Act lowered the requirement for the medical expense deduction from medical expenses exceeding 10% of adjusted gross income to medical expenses exceeding 7.5% of adjusted gross income.  This could significantly impact the amount of deduction for medical expenses that a taxpayer is entitled to claim.

Even though you may not have qualified for the medical expense deduction in the past, as you gather documents to prepare your 2017 tax returns, make sure you include all your out-of-pocket medical expenses to help your tax preparer determine whether you are entitled to a medical expense deduction this year.

The attorneys at Murphy, Taylor, Siemens & Elliott P.C. have experience with complicated estate and tax transaction and are ready to help you meet your goals.  Please call us at (816) 364-6677.