Jill On Money With Jill Schlesinger

With tax season in full swing, it’s time for some much needed tax tips, dos and don’ts, and sage advice about IRAs and backdoor conversions. As crazy as this might sound, you may want to enjoy this tax year while it lasts, because come next year, it’s going to get a whole lot crazier with all the changes to the tax code. While almost all of the changes go into effect next tax season, one big change occurs this year. If you itemize deductions on Form 1040, Schedule A, the new law allows you to deduct qualified medical and dental expenses that exceed 7.5 percent of your adjusted gross income (AGI) – that’s a lower threshold than the previous 10 percent. (The level returns to 10 percent beginning January 1, 2019.) Medical care expenses is a big category and you should check out the IRS list, because it includes payments of fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners, as well as insurance premiums you paid for policies that cover m