Tax Planning

Effective tax planning isn’t about chasing deductions—it’s about aligning your financial decisions with your goals, both now and in the future.

Medical Expense Deductions

If you itemize deductions, you may be able to deduct medical expenses that exceed 7.5% of your Adjusted Gross Income (AGI). But not all health-related expenses qualify.

What Counts?

• Doctor, dentist, and therapy visits
• Prescription medications and insulin
• Glasses, hearing aids, and medical equipment
• Health insurance premiums (if paid with after-tax dollars)
• Transportation and lodging for medical treatment

What Doesn’t Count?

• Cosmetic surgery (unless medically necessary)
• Gym memberships or general wellness
• Non-prescription medicine (except insulin)
• Expenses paid with pre-tax dollars
• Life insurance premiums

Always keep receipts and records to support your deductions and consult a tax advisor if you're unsure what qualifies.

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