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Medical expense deductions can be difficult for many taxpayers to claim. That’s because most people can only deduct qualified medical expenses, which haven’t been reimbursed by insurance, to the extent they exceed 10% of adjusted gross income (AGI). However, if either you or your spouse were at least age 65 as of Dec. 31, 2016, a 7.5%-of-AGI deduction threshold applies for the 2016 tax year, making it a little easier for you to get a tax break. Be aware that beginning Jan. 1, 2017, the 10%…

If your modified adjusted gross income in 2015 was above a certain amount, you\'ll face a high-income surcharge on your premium.

The tax lesson it took me years to learn

Let's just start by saying I am not a tax expert. I'm not a CPA, or an accountant, or a bookkeeper. I'm a therapist, consultant, and small business owner. I don't have a degree in business, so I learned a few lessons the hard way. This particular lesson wasn't painful per se, but it was important- so I'm excited to share it with you. You need to plan for your taxes Simple right? For those of you dutifully filing your quarterly taxes and feeling smug right now- stick with me for a…

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11 Basic Tax Terms You Should Know

What is adjusted gross income, an itemized deduction, or an exemption? 11 key tax terms explained.

I have just paid my biggest bill of the year. The invoice was for a cool 9% of my entire annual income – or my “Adjusted Gross Income” (AGI) as

What’s My Adjusted Gross Income? (or, How to Fill Out Your 1040)