If you thought reaching the threshold for 7.5% of your adjusted gross income to claim medical expenses was out of reach, think again. There may be items that qualify as unreimbursed medical expenses that you weren’t aware of, which could allow you to itemize and claim this deduction. This newsletter will provide an overview of what is considered a qualified medical expense, as well as the tax implications for elder care medical expenses....

Read for updates on electric vehicles, reporting changes for small businesses, nonpayment penalties, and 2024 retirement plan limits....

If you are caring for an aging parent, there may be some eligible medical expenses that can be claimed on either your or your parent’s tax return. To claim this deduction, expenses must exceed the 7.5% threshold of adjusted gross income for either you or your parent. If you’ve paid for some of your parent’s medical expenses, these can also be combined with your medical expenses... 

If you had to install special equipment in a home or had to make improvements to accommodate medical care for you, your spouse, or your dependent, you can include these as medical expenses. If the cost of permanent improvement increases the value of your property, the cost of the improvement is reduced by the increased value of the property, and this is the amount you can claim as a medical expense....

The Tax Cuts and Jobs Act of 2017 (TCJA) is due to expire at the end of 2025.  If the tax cuts are extended, lawmakers will be looking for ways to offset the expenditures...