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Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction.
October 21, 2017 Stuart Mordfin, CPA, CGMA amt, Alternative Minimum Tax, adjusted gross income, tax deductions, itemized deductions, tax reform legislation, bunching medical expenses, floor limit, specific percentage of your income, medical expense deduction, reimbursable by insurance, tax advantaged account, health savings account, flexible spending account, 10% floor, AMT purposes, nonurgent medical procedures, prescription drugs, elective surgery, accelerating controllable expenses, regular tax, controllable expenses, exceed the applicable floor, traditional strategy, unified framework for fixing our broken tax code, tax law changes
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