Tax benefits from medical expenses are available by taking an itemized deduction for medical expenses, using a Flexible Spending Account (FSA) through an employer, or using a Health Savings Account (HSA) for those who have qualified high deductible health insurance. For the 2018 itemized deduction, only medical expenses more than 7.5% of your adjusted gross income are deductible. That is set to increase for 2019 to 10% of adjusted gross income unless new legislation is enacted.
Sarah O’Brien, a writer for CNBC, just published the article, “How to Maximize Your Tax Benefits From Medical Expenses This Year.” Meara Welch Browne’s Tax Partner, Julie Welch, was quoted in the article.
Julie’s quote can be found in the section of the article “The tax deduction”. You can read the entire article on CNBC’s website at the following link: