Tax Deduction

Your deductions are important! Ask Vernoia, Enterline + Brewer, CPA LLC.

Medical Expense Deduction for Genetic Testing

Genetic testing added to growing list of deductible expenses In recent years when presented with the opportunity, the Internal Revenue Service (IRS) has identified a number of expenses as qualifying medical expenses for purposes of the itemized deduction for medical expenses or for qualified distributions from health savings accounts or flexible spending accounts.

Tax reform affects if and how taxpayers itemize their deductions

Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.

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