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medical bills and taxes - can you deduct them?

Do you have a lot of medical bills that you pay on each month? Could those medical bills be deducted from your tax bill this year? I was helping my mother take care of all of her finances after my dad passed away. I didn't realize how many bills she had coming in each month for medical treatments that my dad had undergone months, even a year earlier. I started doing some research about medical bills and tax deductions. If you have medical bills, take a minute to read through this blog to gain some knowledge that can help you decide what you can do when tax time comes around.

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medical bills and taxes - can you deduct them?

    Make Sure To Pay S-Corporation Shareholders A Reasonable Salary

    S-corporations have their taxes handled in a manner that is different from other types of corporations. They do not have any federal income taxes levied on them at the corporate level. Instead, the shareholders are responsible for paying taxes. However, shareholders can run into trouble if they are also employees of the company and aren't paid a reasonable salary. Self-Employment Taxes The S-corporation files a Form 1120S. This form shows how income and deductions are allocated among all of the members of the shareholders.

    Understanding The Difference Between Exempt & Non-Exempt Employees As A Small Business Owner

    It is the business owner's responsibility to make sure that all your employees are properly classified and paid. As a small business owner, there are no legal department or HR department to make sure that you are doing everything right regarding payroll; it is your responsibility to be educated about all payroll related issues. What Exempt Vs. Nonexempt Refers To When people talk about exempt and non-exempt employees, they are referring to the Fair Labor Standards Act (FLSA).

    Year-End Preparation Tips For Small Business Accounting Firms

    As the owner of a small business, the end of the year is the time to start getting everything in order to start the next fiscal period. With the year-end rapidly approaching, there is no better time for you to start than now. The better prepared you are when the year comes to a close, the easier the new year's start will be. Here are a few tips to help you get your business in order for next year.

    Four Ways to Set up Your Finances in Your 20s and 30s for Success Later in Life

    If you want to be wealthy in your later years, you need to get a head start right now. You need to make sure that you are making smart financial choices in your early adulthood so when you reach mid and late adulthood, you have the resources to do what you want with your life. #1 Stop Living Paycheck to Paycheck The first thing that you need to do is stop living paycheck to paycheck.

    3 Accounting Tips When Working For A Ride Sharing App

    When you work for a ride sharing app on a regular basis and bring in part or all of your monthly income from ride sharing work, you need to set up some bookkeeping for your business. When you work for a ride sharing app, you are running your own business, and you need to keep track of how you are doing with your business and you need to keep track of expenses so you can properly file your taxes.

    3 Accounting Tips All Freelancers Should Know

    Freelancing offers many benefits. From working your own schedule that offers flexibility for you and your family to realizing a life-long career goal, the different benefits are easy to see. However, freelancing can pose some issues without proper understanding on how to plan and budget. If you are part of the 35 percent of workers in the United States who are considered freelancers, learning a few tips to help with your accounting will be imperative to your business's success.

    3 Payroll Mistakes New Business Owners Tend To Make

    As a new business owner, there are numerous tasks that you are going to have to take on. One of these is payroll processing. Upfront, this seems like an easy and straightforward business task. However, there are a number of mistakes that you could make, especially if you aren't an accounting professional. Plus, when you throw in the fact that you are busy running your business, you could make a critical error and lead to financial woes and damage your reputation in the process.

    Five Things Small Business Owners Always Forget to Include in Their Cash Projections

    Whether you're trying to grow or simply trying to remain sustainable, your company's cash projections are the key to your financial future. Through cash projections, you can determine whether you have enough money to expand and whether you might encounter a shortfall. Cash projections are essential to the process of securing loans and finding investors -- and they are important for your future business analysis as well.  1. Maintenance and Repair Costs