Claiming a medical deduction on your 2019 return is going to be even more difficult than on your 2018 return.
Previously, taxpayers needed to itemize and spend at least 7.5% of their adjusted gross on unreimbursed medical expenses before they got to deduct anything. Now the threshold has been raised to 10% of your adjusted gross income. Unless you are itemizing your deductions and you have spent a large amount of money on medical expenses in 2019, it may not be worth the time and effort to itemize your medical expenses.
Clergy Financial Resources always compares standard versus itemized deductions when calculating the best outcome for your 1040 return. If you are interested in having your return prepared by CFR, visit our website at https://www.clergytaxnet.com/services/clergy-tax-preparation/ today!
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
For more information or if you need additional assistance, please use the contact information below.
Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369
Tel: (763) 425-8778
Fax: (888) 876-5101