Tagged: medical expenses deduction

Closeup of IRS signage near an entrance to the IRS building in Washington, D.C.

Standard Mileage Rates for Tax Year 2015

The IRS today announced the standard mileage rates that will apply towards business, charitable, medical and moving use of vehicles for tax deduction purposes. The optional standard mileage rates for 2015 will be as follows:[1] Type of Use: Standard Mileage Rate: Business 57.5 cents/mile Medical/Moving 23 cents/mile Charitable 14 cents/mile In comparison with the 2014 standard mileage rates, one rate...

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Tax News: Changes to The Medical Expenses Deduction’s AGI Floor

The IRS has announced that the rules for taxpayers who take the Medical Expenses deduction has been changed. Previously, taxpayers could take a deduction for their medical expenses in a given tax year if the total of the deducted medical expenses exceeded 7.5% of the Adjusted Gross Income (“AGI”) of the taxpayer.[1] Taking effect immediately for tax year 2013,[2] this...