Automated Tax Deduction Tracker for Medical Expenses

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Automated Tax Deduction Tracker for Medical Expenses

Inspired by a conversation on:

The Retirement and IRA Show

The Retirement and IRA Show

Tax Planning Strategies: EDU #2539

Host: Jim Saulnier & Chris Stein

Timestamp: 00:33:11 - 00:34:05

Listen to Episode • View Podcast • All Ideas from The Retirement and IRA Show

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Feather Flow

Direct Quote

"You need to have expenses that exceed seven and a half percent of your AGI."

Market Gap

Individuals struggle to track and claim medical expense deductions.

Many individuals face challenges in keeping track of their medical expenses to maximize their tax deductions. The requirement that medical expenses exceed a certain percentage of adjusted gross income (AGI) complicates the tracking process, often leading to confusion and potential loss of valuable deductions. Current methods of tracking medical expenses are cumbersome and often insufficient to ensure that individuals can accurately report their expenses and take full advantage of available deductions. As healthcare costs continue to rise, the need for an efficient solution becomes increasingly important.

Summary

An automated tool could be developed to help individuals track their medical expenses and calculate potential tax deductions in real-time. This tool would allow users to input their medical expenses and link them to their AGI, providing instant feedback on whether they meet the threshold for deductions. By simplifying the tracking process and offering insights into eligible expenses, this tool would empower users to optimize their tax filings and ensure they do not miss out on valuable deductions. The tool could include features such as reminders for submitting expenses and integration with tax software for seamless reporting.

Categorization

Business Model
SaaS
Target Founder
Technical
Difficulty
Medium
Time to Revenue
3-6 months
Initial Investment
$1,000-$10,000

Potential MRR (18-24 months)

Conservative
$2,000 - $5,000 MRR
Moderate (Most Likely)
$10,000 - $20,000 MRR
Optimistic
$30,000 - $50,000 MRR

* Estimates assume solo founder/bootstrap scenario with competent execution

Scores

Clarity
8/10
Novelty
7/10
Feasibility
8/10
Market Potential
9/10
Evidence
7/10
Overall
7.6/10
Found on September 24, 2025 • Analyzed on September 24, 2025 3:32 PM

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How should I validate this saas idea before building it?

2:34 PM

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