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msoulz |
Posted: Feb 10 2011, 10:14 AM
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Gold Member Group: Members Posts: 3,102 Member No.: 2,158 Joined: 7-July 05 |
Breast pumps now deductible
It's a step in the right direction - not enough as the whole "7.5% of AGI" thing makes it difficult to deduct anyway, but it's a start. ETA the pretax medical benefit is a help though! -------------------- |
luvbug00 |
Posted: Feb 10 2011, 10:34 AM
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awhat! Group: Members Posts: 10,756 Member No.: 1,984 Joined: 6-June 05 |
must be nice..wish they would make all things child rearing a tax break and not just the child themselves..
-------------------- Mya 7-1-00 |
coasterqueen |
Posted: Feb 11 2011, 08:29 AM
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Diamond Member Group: Members Posts: 27,917 Member No.: 236 Joined: 4-August 03 |
-------------------- ~*Karen*~
wife to hubby, Ryan Douglas mommy to Kylie (9) and Megan (6.5) and furbabies Gavin, Buster, Sox, and Hailey |
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moped |
Posted: Feb 11 2011, 09:26 AM
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Ruby Member Group: Members Posts: 13,078 Member No.: 1,035 Joined: 5-December 04 |
What does 7.5 of AGI mean? Dumb Canadian here! -------------------- |
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msoulz |
Posted: Feb 11 2011, 10:31 AM
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Gold Member Group: Members Posts: 3,102 Member No.: 2,158 Joined: 7-July 05 |
AGI is adjusted gross income - basically is your income less your deductible expenses and medical expenses must exceed 7.5% of that number for any of it to be deductible. So if you make $50000/year and you have $20000 in deductible expenses, your AGI is $30000. Your medical expenses over $2250 can be deducted. So you have to have some significant medical expenses to have anything deductible. And yes, all you tax gurus, I know I am oversimplifying! -------------------- |
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Hopwood04 |
Posted: Jul 6 2013, 09:12 AM
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New Member Group: Members Posts: 24 Member No.: 24,261 Joined: 18-June 13 |
Well someone has to over-simplify the tax system. I think the deductibles in our country need to be reduced to a more proportionate level. -------------------- Term Life Insurance Quote
No Contact Information Needed! [URL=www.retirementplanningstore.com/instantquote.html]My Webpage[/URL] |
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