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

Uncategorized

Year End Planning Tip

During December, you should evaluate whether you'll save any taxes by postponing 2013 income or deductions into 2014 or by accelerating 2014 income or deductions into 2013.  While many factors should be evaluated prior to making your final decision, a few items to keep in mind are as follows: For 2013, a single person will… Continue reading Year End Planning Tip

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

Miscellaneous

Spring Clean Up Project #4: Your Closets, Garages, and Attics

In today's consumer driven world we live in, almost everyone builds up clutter that never sees the light of day. Why not take this opportunity to clean out your closets, garages, and attics and generate a tax deduction while you're at it? Donating these goods can also save you taxes, as long as you itemize… Continue reading Spring Clean Up Project #4: Your Closets, Garages, and Attics

Uncategorized

IRS SIMPLIFIES CALCULATING HOME OFFICE DEDUCTION

Check out Rev-Proc 2013-13 to learn about a simplified way that taxpayers can calculate the home office deduction starting in 2013. Here is the press release issued by the IRS: IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours… Continue reading IRS SIMPLIFIES CALCULATING HOME OFFICE DEDUCTION

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