How can I estimate the tax savings from a MED 105 plan?
Here are a couple of rough guidelines; 1) if most of your income is from schedule C and your taxable income is less than $43,000, then multiply your medical expenses by 35%; or, 2) if your taxable income is more than $43,000, multiply your medical expenses by 48%. The resulting amount is in the tax savings ballpark. For more detail check out our detailed tax calculator to help you determine how much you could potentially save.MED 105 Calculator.
