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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...