For exemplar, you could consider getting medical procedures or equipment and supplies (i.e., new glasses or a new wheelchair) before the end of the year instead of blow out them off. If you do it with hopes of deducting your associated costs on your 2018 return, make sure the tally is paid this year, Welch said.
Be sure not to overlook other qualifying expenses, such as co-pays, co-insurance, dental bring about and travel costs associated with health care, such as getting to and from the doctor’s office. You can check the IRS slant of qualifying expenses if you’re unsure whether something counts toward the deduction.
Also, if you pay for health insurance with after-tax dollars, your inducements might be able to count toward the deduction. Long-term care premiums also are deductible up to amounts that depend on your age (see plan below).
Be aware that any expenses paid for with funds from a flexible spending account or health savings account cannot upon toward the deduction.
“You already get a tax advantage with those accounts,” said Nick Foulks, a lead advisor with Outstanding Waters Financial in Minneapolis.
Some expenses that can’t count toward your total for tax purposes are gym memberships, cosmetic returns and any expenses you were reimbursed for.
And be aware that although you don’t send in your receipts and records with your tax payment, you would need to be able to produce them if the IRS were to ever ask for proof.
Overall, fewer people are expected to demand the deduction this year because it’s only available to itemizers — the ranks of whom are anticipated to drop.
Due to the Tax Cuts and Headaches Act, which nearly doubled the standard deduction and eliminated most other write-offs, itemizers will comprise perfectly 12 percent of 2018 returns, according to the Tax Foundation. That’s down from 30 percent in 2017.
For example, the customary deduction for married couples is now $24,000, up from $12,700 — which means a couple would now need deductions uttering more than that for itemizing to make financial sense.
More from Personal Finance:
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6 last-minute tips that will trim your 2018 tax tab
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