2016 Year End Newsletter

Deducting Un-Reimbursed Professional Expenses

According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession.  The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by healthcare professionals:  Automobile… Continue reading Deducting Un-Reimbursed Professional Expenses

2016 Year End Newsletter

IRS Announces Few Increases to Retirement Plan Limits for 2017

Most working professionals have access to a 401(k) plan or a 403(b) plan at work.  Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred.  Like 2016, you can again contribute up to $18,000 into a 401(k) or 403(b) plan through salary deferrals in 2017. Anyone 50 or older by… Continue reading IRS Announces Few Increases to Retirement Plan Limits for 2017

2016 Year End Newsletter

Year End Projections Can Reduce Your Taxes

With the end of the 2016 calendar year quickly approaching, reviewing your specific tax situation may be tax-wise to help reduce your income taxes as well as possible underpayment of tax penalties. Year-end planning techniques to reduce your taxable income or increase your tax saving deductions may be available for you to consider before the… Continue reading Year End Projections Can Reduce Your Taxes

2016 Year End Newsletter

Year End Tax Projections and Planning Can Save You Dollars

With the end of the 2016 calendar year quickly approaching, reviewing your specific tax situation may be tax-wise to help reduce your income taxes as well as possible underpayment of tax penalties. Year-end planning techniques to reduce your taxable income or increase your tax saving deductions may be available for you to consider before the… Continue reading Year End Tax Projections and Planning Can Save You Dollars

2016 Year End Newsletter

IRS Announces Few Increases to Retirement Plan Limits for 2017

Most working professionals have access to a 401(k) plan or a 403(b) plan at work.  Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred.  Like 2016, you can again contribute up to $18,000 into a 401(k) or 403(b) plan through salary deferrals in 2017. Anyone 50 or older by… Continue reading IRS Announces Few Increases to Retirement Plan Limits for 2017