taxes

10 midyear tax moves to make now

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Save your medical receipts
Save your medical receipts | gajic/Getty Images

Save your medical receipts

If you're older, have a lot of out-of-pocket medical expenses and itemize, then 2016 could be your last best chance to take tax advantage of those costs.

For 2016 returns, taxpayers age 65 or older still can claim medical and dental expenses on Schedule A that exceed 7.5% of adjusted gross income. Starting in 2017, however, every taxpayer regardless of age must have medical costs that are more than 10% of AGI in order to itemize the expenses.

Start planning deductible medical procedures now. Be sure to count often overlooked write-offs, such as travel to treatments or even to pick up prescriptions at your pharmacy. And if you're married, the lower 7.5% threshold still applies as long as one spouse is 65 or older this year.

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