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> Breast pumps now deductible on taxes
msoulz
Posted: Feb 10 2011, 10:14 AM
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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! thumb.gif


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luvbug00
Posted: Feb 10 2011, 10:34 AM
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must be nice..wish they would make all things child rearing a tax break and not just the child themselves..


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coasterqueen
Posted: Feb 11 2011, 08:29 AM
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QUOTE (msoulz @ Feb 10 2011, 01:14 PM)
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! thumb.gif

thumb.gif


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moped
Posted: Feb 11 2011, 09:26 AM
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QUOTE (msoulz @ Feb 10 2011, 01:14 PM)
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! thumb.gif

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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QUOTE (moped @ Feb 11 2011, 01:26 PM)
What does 7.5 of AGI mean?

Dumb Canadian here!

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!
thumb.gif


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Hopwood04
Posted: Jul 6 2013, 09:12 AM
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QUOTE (msoulz @ Feb 11 2011, 10:31 AM)
QUOTE (moped @ Feb 11 2011, 01:26 PM)
What does 7.5 of AGI mean?

Dumb Canadian here!

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!
thumb.gif

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.


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