I talk a lot about medical expenses and how they should be claimed on your personal income tax return. Here is a short summary of the issues around medical expenses:
- The amount of medical expenses which can be claimed is the amount over 3% of your net income.
- Medical expenses are a credit not a deduction, so they save you taxes at the lowest tax bracket.
- Medical expenses should be claimed by the lowest income earning taxpayer in the family, because that person has the lowest 3% of their net income.
- Travel for medical appointments can be claimed as a tax credit.
- Premiums you pay for medical, dental and medical travel are medical expenses.
I hear people saying that they do not have enough to claim, but they might not recall that premiums and medical travel are also medical expenses. Understand the rules and you will get the tax credit you are entitled to.
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