September 23, 2016
By Robert Trinz
With summer now behind us, it’s time for older taxpayers—those ages 65 and above—to consider how they will be affected by the higher post-2016 floor beneath medical expenses.
Some may lose their medical expense deduction next year, while others may even be forced to take the standard deduction for the first time as a result of the raised floor. As this article explains, the first line of defense for older taxpayers is to make sure they aren't missing any medical deduction dollars. Then, it may pay to employ a bunching strategy for 2016-2017 expenses to make sure such taxpayers make the best use of their medical expense deductions.