Tips to cash in on medical expense tax credits of the Harver Group - Your Health Insurance Counter Fraud Services Tokyo

Tips to cash in on medical expense tax credits of the Harver Group - Your Health Insurance Counter Fraud Services Tokyo If you are looking for a way to save tax for 2013, try the medical expense tax credit. This can save you tax dollars, but the... More

Tips to cash in on medical expense tax credits of the Harver Group - Your Health Insurance Counter Fraud Services Tokyo If you are looking for a way to save tax for 2013, try the medical expense tax credit. This can save you tax dollars, but the calculations are often tedious. Start working on your claim well before April 30. How much tax can you save? For example, suppose you have a net income of $50,000. What amount of medical expenses would you need to make a worthwhile claim? You'd need at least $1,500 in medical expenses to reach your three per cent threshold before any tax credits can be claimed at all. Generally, for every $100 of medical expenses in excess of three per cent of your net income you can save $26 (using Saskatchewan rates) for 2013. Assume your medical expenses were $2,500 in total for 2013. Having $1,000 of expenses that exceed your $1,500 threshold means you'd save $260 tax. If you only have $1,550 of medical expenses, with only $50 over the threshold, you'd save Less