Dictionary Home »
The American Heritage Dictionary of Business Terms » medical expense deduction
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.
Comments
Improve this definition.
Browse dictionary definitions near medical expense deduction
Share on Facebook