New York Times Story Previews Tax Filing Season; Includes Tip from AICPA Tax Expert

January 31, 2018

Ann Carrns’ January 26 story in The New York Times previewing the tax filing season includes a tip from Melissa Labant, director of tax policy and advocacy for the American Institute of CPAs. Discussing differences that taxpayers should remember when filing this year, Carrns wrote, “There is at least one change, though, that tax filers may want to consider as they fill out forms this year. ‘Folks should take a close look at their medical expenses,’ said Melissa Labant.”  

Carrns explained the change.  “The tax law expanded the availability of the deduction for medical expenses not just for 2018, but also for 2017. The deduction previously applied to medical expenses over 10 percent of adjusted gross income, but the law lowered the bar to 7.5 percent for those two years. (So if your adjusted gross income is $40,000, you can write off medical expenses over $3,000, rather than over $4,000.) But there is a catch: You must itemize to take the deduction. After 2018, the bar is scheduled to move back up to 10 percent.”