Maximize Health Deductions: IRS Rules Explained
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Healthcare expenses can be a significant burden, with the average adult spending $1,200 annually and families facing over $35,000. Many of these costs, such as prescriptions, insurance premiums, and weight-loss meds, can be tax-deductible. However, most people miss out on these deductions due to complex IRS rules. To qualify, your unreimbursed medical bills must exceed 7.5% of your adjusted gross income, and your total itemized deductions must surpass the standard deduction. Health savings accounts and flexible spending accounts can help, but they have limits and expiration dates. Smart strategies like bunching expenses and maxing HSAs can unlock savings. Keep receipts and plan ahead to keep more of your health dollars.
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