The easy part first: my parents itemize their deductions so my parents can deduct the expenses they pay for medical care which exceed 7.5% of their adjusted gross income.

FORBES: Paying For Getting Better: What's Deductible?

For 2012 (the tax return due this coming April), if you itemize deductions on Schedule A of a 1040, you can deduct eligible medical expenses to the extent they exceed 7.5% of your adjusted gross income (AGI).

FORBES: Tax Breaks For Medical Expenses Under ObamaCare

If you file a Schedule A meaning you itemize deductions or if you claim above-the-line deductions for higher education tuition and fees or educator expenses, the IRS is asking you to wait until mid- to late-February 2011 to file.

FORBES: IRS Filing Season Delay