medical expense deduction

medical expense deduction definition - business

medical expense deduction

Unreimbursed expenses for medical care (including dental) of a taxpayer, spouse, and dependents permitted by the IRS as reduction in taxable income. Allowable expenses include payments for diagnosis, treatment, cure, or prevention. The cost of health club dues, funerals, and over-the-counter medications are not permitted. Medical expenses are deductible only to the extent that they exceed 7.5% of adjusted gross income.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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