Medical and Dental Expenses
All seniors know that as we age, our medical and dental expenses skyrocket, but there are ways to help lessen the blow to your finances. To do so you must pick the itemized deduction, though due to the standard’s deduction increase this may not be totally advantageous.
So, if you’re over 65 and your dental and medical expenses exceed 7.5% of your adjusted gross income from 2019 you can deduct hearing aids, wheelchairs, prescribed nutritional supplements, and in-home nursing or caregiving.
But before you decide, make sure that the itemized deduction is more beneficial to you, as in some cases it may not be. So though it sounds great to deduct such expenses, you might be looking at the short end of the stick in the long run if you’re not careful.
