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New medical tax breaks in bloom?

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in Small Business Tax

You may have heard rumors or seen headlines about more-generous deductions available for your medical expenses. Be aware that those are still only proposals. Current law is still in force: You can deduct medical expenses only after they exceed 7.5 percent of your adjusted gross income (AGI). President Bush is urging Congress to approve:

• Bigger deductions for amounts spent by insured taxpayers for co-payments, deductibles and un-reimbursed healthcare expenses.
• Expanded tax breaks for health savings accounts (HSAs).
• Greater portability of existing health insurance policies for taxpayers changing jobs or starting new businesses, at no extra cost.

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