![]() This item can total thousands of dollars a year. In addition to hospital and doctor expenses, here are some items to take into account when determining your allowable costs: Controllable expenses include refilling prescription drugs, buying eyeglasses and contact lenses, going to the dentist and getting elective surgery. If your total itemized deductions for 2020 will exceed your standard deduction, moving or “bunching” nonurgent medical procedures and other controllable expenses into 2020 may allow you to exceed the 7.5% floor and benefit from the medical expense deduction. You also must itemize deductions on your return in order to claim a deduction. This threshold amount is scheduled to increase to 10% of AGI for 2021. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.įor 2020, the medical expense deduction can only be claimed to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income (AGI). ![]() However, the rules make it hard for many people to qualify. You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. Policies, Procedures & Internal Controls.Financial Institution Credit Review Services. ![]() Financial Institution Compliance Services.Fraud Detection & Prevention (Forensics).System & Organization Controls (SOC) Reporting.Financial Statement Compilation & Preparation Engagements.Department of Housing and Urban Development Audits.Individual & Business Tax Planning & Compliance.
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