Bunching deductions means timing the payments between years
to get the best tax deduction. Since 2016 is the last tax year that taxpayers
age 65 or older can use the 7.5% of adjusted gross income (AGI) deduction
floor, you may want to consider bunching medical deductions this year. Starting
in 2017, the deduction floor for medical expenses for this age group rises to
10% of your AGI. Allowable expenses include long-term care premiums,
prescription drugs, mileage or transportation costs, and home improvements that
accommodate a disability or medical condition. Nondeductible items include
funeral expenses, nutritional supplements, and nonprescription drugs. Contact
us for assistance.
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