Medical Expenses: Effective Jan. 1, 2018

The IRS will allow you to deduct qualified medical costs on your tax return as long as they are more than 7.5 percent of your adjusted gross income (AGI). Only costs that exceed that amount can be deducted.

Example: If your AGI is $45,000, you would multiply $45,000 by 0.075 and see that only medical expenses exceeding $3,375 can be deducted. If your medical bills for the year totaled $6,000, which leaves you with a medical expense deduction of $2,625.

Beginning Jan. 1, 2019, the medical expense threshold will rise to 10 percent of your AGI.