DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Reduce Your Medical Expenses: Tax smarts that make a difference

Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $28,000 on healthcare in 2018 – a $1,000 increase from 2017. Below are some ways you can save tax dollars when paying those medical bills:

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Rule for deducting medical expenses has changed

Rule for deducting medical expenses has changed

You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for taxpayers under age 65. Those 65 and older may continue to use the 7½% threshold through the year 2016.

As always, should you have any questions or concerns regarding your situation please feel free to call.

DiSabatino CPA
651 Via Alondra, Suite 715
Camarillo, CA 93012

Phone: 805-389-7300

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Lock in write-offs at assisted living facilities

Lock in write-offs at assisted living facilities

Suppose that a family member has to move into an assisted living facility (ALF). Although nursing expenses are generally deductible as medical expenses, the lines can get blurred.

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