Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

Have you been thinking about going to the chiropractor or dentist, but been putting it off because it's not covered by insurance? If so, you should probably incur these and other uninsured health expenses before the end of the year. If you wait until 2013 or later, it will become much harder to deduct them from your income taxes. For decades all taxpayers who itemize have been entitled to a tax deduction for medical and dental expenses for themselves, their spouses and their dependents. Eligible expenses include both health insurance premiums and out-of-pocket expenses not covered by insurance. Unfortunately, there is a significant limitation on the deduction, which can make it useless for many taxpayers: You can deduct only the amount of your medical and dental expenses that a...