A client, a self-employed real estate salesperson, has taxable income of about $175,000. He and his wife and their childen have spent about $4,000 on prescription drugs, dentists and orthodontists, eyeglasses and contacts, and massages.
In the past, this client’s accountant typed the medical receipt details into tax preparation software and moved on. The software would decide that the client is entitled to claim a Medical Expense Tax Credit to reduce taxes payable by about $400, so that’s what would happen.
Today, taking 30 seconds to use this Decision Tool, the accountant now sees that the client can save about $2,180 in pre-tax dollars, or about $1,170 in after-tax dollars, by completing a couple of simple forms. The accountant can even bill an extra $50 or $100 for the time it takes to complete the forms, since the tax savings are so significant.
The accountant prints out a copy of the client’s Decision Tool results and uses it to prove to the client how much money he saved. The accountant keeps a separate spreadsheet for all clients and can prove the total tax savings for their practice as a whole.
Save yourself and your clients real tax dollars, increase billings, and know how much tax you have saved for your clients: Use this Decision Tool.
For provinces other than Ontario, please contact Aquilian Benefits.
For a deeper explanation of the Aquilian Benefits Plan, see our A PHSP: What is it and how does it work?
I trust Aquilian: I am married to the CEO!