Medical expenses add up quickly. If you, your spouse, or your dependents have had costly medical bills, hang on to those receipts—they could save you money at tax time.
If you itemize your deductions at tax time instead of claiming the standard deduction, you can deduct various healthcare and medical expenses. But you can’t take them all—as of tax year 2022, you can deduct out-of-pocket expenses that total more than 7.5% of your adjusted gross income (AGI).
