With the tax season upon us, many people are looking for deductions. One category of expenses that could lead to tax savings is healthcare. The average spending per person on healthcare expenses was $12,914 in 2021, up 2.7% year over year.
The IRS allows deductions for many medical procedures and items. However, there is an income limitation. You also have to itemize your deductions to qualify. Thus, many people may not be able to claim medical expense deductions, since itemized deductions typically don’t exceed the standard deduction. The 2017 Tax Cuts and Jobs Act nearly doubled the standard deduction for all tax filers.
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