It’s not easy to deduct medical costs on your tax return. In fact, unless your medical expenses are 10% os your Adjusted Gross Income, you can’t itemize them on your Form 1040. I explain one tax strategy Here, which many taxpayers can use to pay for out of pocket medical costs with pre-tax dollars. But …
How to Deduct Medical Costs as Business Expenses Read More »
Unless you have substantial out of pocket costs, IRS rules make it very difficult to deduct your medical expenses. The reason: If you itemize your deductions, you can deduct your family’s medical costs, but only if those costs exceed 10% of your adjusted gross income. Example: your adjusted gross income is $50,000. You must spend …
HSA’s: How You Can Deduct 100% of Your Out-of-Pocket Medical Expenses Read More »
This morning I met with a client who’s hit a rough patch in life. A little over 3 years ago, painfully, suddenly, his marriage ended. Subsequently, his business suffered. His income plummeted, his legal fees skyrocketed, and his emotions fell through the floor. Over time, he’s been able to get back on his feet and …
So… Which is Worse? Not Filing Taxes – or – Not Paying Them? Read More »
Is it really possible to “audit proof” your tax return? In other words, can prepare your tax return in such a way that your audit risk is zero? Of course not. But there are certainly steps you can take to minimize your risk. Here’s three of them: Stop treating accounting as a once-a-year event in …
How to Audit Proof Your Business and Your Tax Return Read More »
