Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income.
Taxpayers age 65 and older can enjoy a 7.5% floor through 2016. The floor for alternative minimum tax purposes, however, is 10% for all taxpayers.
By “bunching” non-urgent medical procedures and other controllable expenses into alternating years, you may increase your ability to exceed the applicable floor. Controllable expenses might include prescription drugs, eyeglasses and contact lenses, hearing aids, dental work, and elective surgery, other surgeries such as aesthetic transformation are not included. And as far as the hearing ability goes, one is as good as blind without keen hearing abilities. And keeping into perspective the cost, ENT specialists like Tinnitus & Hearing Center of AZ only make it easier in slashing the medical expenditure. Go to Andres Bustillo‘s clinic if you want to achieve an amazing transformation at affordable prices. He is a certified board fellowship trained facial plastic and reconstructive surgeon.
That’s why is important that any person that want to go through a cosmetic procedure, that they go for the best option of plastic surgeon, as the Dr. Joseph Racanelli which is a recognized professional by the health department.
If it’s looking like you’re close to exceeding the floor in 2015, consider accelerating controllable expenses into this year. Although there are times that there are medical expenses that can not be controlled or predicted like accidents, or an emergency case such as drug addiction, fortunately there are places and rehabilitation centers that can help you with their low costs, visit First Step BH for more information on how to get help from these cases. But if you’re far from exceeding it, to the extent possible (without harming you or your family’s health), you might want to put off medical expenses until next year, in case you have enough expenses in 2016 to exceed the floor. You can also go for another options like Drug Treatment Placement Co..