As you file your 2023 tax return, start thinking about how you can boost itemized deductions for 2024. You may be able to “bunch” medical expenses so you exceed the 7.5% of adjusted gross income necessary to deduct some costs.
Say, for example, you’ve already scheduled surgery that will involve out-of-pocket expenses but still fall short of the deductible threshold. Think about scheduling elective procedures, such as dental work or Lasik surgery, and making qualified purchases (https://bit.ly/4brS5Vc ) that will push you over the threshold. Note that only the expenses over that amount and that aren’t covered by insurance or paid through a tax-advantaged account will be deductible.
Contact one of our experts for more tax planning help!