Tax Tips
Offset Healthcare Costs

For previous tax update, click here.



If your medical expenses exceed 75% of your AGI, you can deduct the excess amount.  Eligible expenses include:  Health insurance premiums; medical and dental services, and prescription drugs.  Expenses that are reimbursed by insurance or paid through an HSA or FSA aren’t deductible.  To take advantage of the deduction, consider bunching your non-urgent medical procedures and other controllable expenses into one year.  But keep in mind that for AMT purposes only medical expenses in excess of 10% of your AGI are deductible.  You can also save tax by paying for medical expenses with funds from an HSA or FSA. 

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