If you itemize, your medical and dental expenses become a deduction currently if they exceed 7.5 percent of your adjusted gross income. Beginning on January 1, 2013, barring some action by Congress, this amount will increase to 10 percent of your adjusted gross income.
The threshold changes from 7.5 percent to 10 percent, meaning that only those expenses that are over that amount of your adjusted gross income can be deducted IF you itemize. The decision to itemize can be determined through IRS publications, or consulting with a tax expert.
What this means is that if you have medical bills, you should try to pay them or a portion of them before December 31, 2012 because it’s easier to exceed 7.5 percent of your income than 10 percent of your income in order to meet the threshold.
