New tax law limiting out-of-pocket medical expense deduction makes new planning strategies necessary

Posted Leave a commentPosted in Employee Benefits, Financial Planning

Beginning next year, tax deductions for out-of-pocket medical expenses will become more difficult than ever before for individuals. The current limit allows a deduction for expenses exceeding 7.5% of income. The new threshold for 2013 is 10% of income. Fewer individuals will qualify and those that do will find more of their expenses will be not […]