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Tax Law changes - 2013

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Medical Itemized deductions

Beginning in 2013, the threshold for deducting medical expenses as an Itemized Deduction will increase from 7.5% of Adjusted Gross Income (AGI) to 10% of AGI. Taxpayers who are 65 and older, however, are granted an exception, and will still be able to deduct medical expenses that exceed 7.5% of their AGI. The exception for taxpayers 65 and older will continue through 2016, and all taxpayers will be subject to the 10% threshold in 2017.

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