2015 Year End Newsletter, Deductions

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 young health care… Continue reading Deducting Un-reimbursed Professional Expenses

Deductions

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 young health care… Continue reading Deducting Un-reimbursed Professional Expenses

Income

Renting Your Vacation Home?

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. In most cases,… Continue reading Renting Your Vacation Home?

Planning

Disability Business Overhead Expense Insurance

By guest author Lawrence B. Keller, CLU, ChFC, CFP® As the owner of a medical or dental practice, you are the key to its success. Your patients and staff rely on you. If you become disabled, you may be unable to provide the services your patients expect or the leadership that your employees need. Overhead… Continue reading Disability Business Overhead Expense Insurance

Charity, Planning, Taxes, Uncategorized

Tips for Taxpayers Who Travel for Charity Work

From IRS Tax Tips Newsletter: Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity. 1. You must volunteer to work… Continue reading Tips for Taxpayers Who Travel for Charity Work

Uncategorized

Free Webinar Link: Get Your Deductions

Check out Andrew Schwartz's webinar "Get Your Deductions: Moonlighting and Deducting Professional Expenses Made Easy" http://www.screencast.com/t/Zksfdssln Are you unsure what expenses you can deduct from your moonlighting income? Not sure what to track all year for professional expenses? Do you want to make sure you receive the maximum deduction allowed for work-related expenses? If so,… Continue reading Free Webinar Link: Get Your Deductions

IRS, Planning, Taxes

IRS: Job Search Expenses Can Be Tax Deductible

Many healthcare professionals work based on the Academic Calendar. That means that a lot of Doctors switch jobs over the summer. According to our friends at the IRS in their IRS Summertime Tax Tip 2012-06: Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job… Continue reading IRS: Job Search Expenses Can Be Tax Deductible