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Tax filing season is here, so it's time to ensure you're ready to get the most out of your filing. Read on for new rules for 2014, plus several surprising deductions.
Though Medicare is getting a tax boost from the wealthiest Americans, overall taxpayers will have a harder time deducting medical expenses. You can only deduct medical expenses if the expenses exceed 10 percent of your adjusted gross income, up 2.5 percent from last year. But if you’re over 65, you’re in luck—you can write-off medical expenses that exceed the old rate of 7.5 percent of adjusted gross income.
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