Should I pay off my braces all at once so that I can write them off this year as a health expense? Or should I pay off my braces over the long haul?
P.S. I live in Pennsylvania.
You can only deduct medical expenses that exceed 7.5% of your AGI for any given year. I don't think that taxes are really a factor here.
By paying your braces off over the long haul, all you are doing is paying interest, unless you have no interest on them (you don't specify). I have trouble fathoming a situation where paying them off over time is helpful to you - even if the interest is tax deductible is it going to make a major change in your itemized deductions?
Pay them now and wipe that monthly payment out forever.