What are the best medical expense tax deductions you can get?
You can take the tax deductions for medical expenses in a number of ways. The most common but not necessarily the best way is, by taking it as an itemized deduction.
To take the medical tax deduction on your itemized deduction form, the Schedule A is only your best option if you are an employee.
The main drawback of this medical tax deduction is that you can only deduct medical expenses above 7.5% of your income. Your medical expenses up to this amount are not deductible lowering your potential deduction considerably.
(Starting from tax year 2013 the threshold from which you can deduct medical expenses will be raised from 7.5% to 10% thanks to a provision in the Affordable Care Act.)
But if you have a business or you are self employed there are better ways to deduct your medical expenses.
Updated December 24, 2012
› Medical Expense Tax Deductions
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