About Me

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.

Tags

medical bills and taxes - can you deduct them?

Why You Should Go Through An Accounting Software Training Program As A Small Business Owner
If you are a small business owner who doesn't have much experience with using an accounting software program, then now might be the time to purchase some accounting software and take a training program to help you learn how to use it. These are some of the reasons why it's smart to go through an accounting software training program when you own your own small business. Avoid Having to Hire an Accountant

Expecting An Inheritance? 5 Reasons You Need A Financial Consultant Now
Do you expect a sizable inheritance in the near future? No matter whether you're planning ahead, or whether the inheritance is imminent, one of your first steps — before you even have a check in hand — should be to meet with a financial consultant. Why should you do this as soon as possible? Here are a few key reasons.  1. You Need a Professional. While you aren't required to seek out professional financial assistance, it's a wise move.

The Route S Corporation Income Takes to Your Personal Taxes
S corporation shareholders know that their income taxes can be much more complex than the average wage earner. But you may not really understand how your personal taxes are affected and what steps you must take in order to file.  To help you prepare for your tax preparation meetings and have more confidence, here are the four basic steps you'll need to complete before you can hit 'send' to the IRS.

3 Reasons You Need A CPA For Your Business
Whether you own a copywriting company or a heating and air business, dealing with day-to-day tasks can be stressful. From calling clients and managing employees to creating content and invoices, it is easy to see the overwhelming nature of having your own business. Thankfully, help is available for certain parts of your business. This guide will help you learn the reasons why your business, no matter what type it is, needs a CPA.

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

Creating A Better Timekeeping System For Payroll
Payroll is all about timekeeping. When timekeeping is done inaccurately or turned in late, it's very difficult for the payroll to be released -- and that can lead to a waste of administrative time and unhappy employees. Creating a better timekeeping system is essential for keeping the payroll on time and avoiding employment-related issues. Enforce Timely Entries If your company has billable hours, it can become easy for employees to fall behind in their timekeeping.

4 Ways You Can Avoid An Audit This Tax Season
It feels as if tax season is always just around the corner. One of the biggest fears during tax season is that of the audit. Nobody wants to have their finances scrutinized, especially if it means they could end up paying more money. These tips will help you avoid an audit next year. 1. Keep close notes about side income. Remember that you are required to note more than your salary when you pay your taxes.

You Need To Preserve Financial Documents: Here's How To Keep Them Secure
In order to engage in adequate bookkeeping, you must keep the appropriate financial documents with you. However, with all of these documents lying around, there is a greater risk that some of these documents might be stolen or might end up in the wrong hands. In order to prevent this, you will need to know how to properly store and secure your financial documents. Digitize Essential Files One of the best ways to store and preserve financial documents is to have them digitized.

Two Reasons Why Your Small Business Needs A Bookkeeper
If you're the owner of a small business that has relatively few employees, you may not see a reason why you should hire a bookkeeper. After all, you may reason that you're able to save money by taking care of the bookkeeping responsibilities on your own. However, you could find that the benefits of having a bookkeeper far outnumber any financial investment that you make when working with one. Use this information to learn two reasons why your small business should request the services of a bookkeeper as soon as possible.

Retiring From Filing Taxes -- When And How?
Retiring brings with it newfound freedom from many things people are used to from a lifetime of working. For many retirees, this includes freedom from filing taxes each spring. But, how can you know if and when you can stop filing taxes? And are there reasons to continue to do so nonetheless? Here are the answers to 3 burning questions about filing as a retiree. Are You Required to File Taxes?

Four Things You Need To Know About Annuities
If you're looking for additional retirement investing opportunities and you have a large chunk of cash that you can invest all at once, an annuity might be the product you're looking for. Give that money to an insurance company and get checks every month in return; sounds nice, doesn't it? Depending on the type of annuity you choose, you could be adding a stable source of income to your life -- or you could be tying up money and getting very little in return.

Three Reasons To Outsource Your Payroll
Business owners have a ton of tasks on their plates. They are responsible for everything from making sure there is enough inventory to employing the right people. Many of these tasks can be outsourced or delegated to ensure the business owner does not get too overwhelmed. Payroll is a large task that all businesses have to deal with when they hire employees. It can be very confusing for those who are inexperienced in payroll processes.

Portfolio Diversification: Fixed Income Investments And Other Methods To Strengthen Your Investment Strategy
If there is one piece of advice most commonly offered by financial planners, it is to diversify your portfolio. A strong portfolio is one that includes a healthy mix of traditional investments as well as fixed income investments, passive income streams, and investments in a company or project you are passionate about. Build Your Portfolio over Time One method of diversification to consider is investing your funds over a period of time.

Becoming A Landlord? Don't Miss These 6 Tax Deductions
Becoming a landlord is an excellent way to invest in your future and create a separate stream of income. But whether you're simply renting out your old home or you buy a building full of units, it's vital to make sure you take all the tax deductions you can so you don't spend all your hard-earned money on taxes. But first-time landlords often do not know what deductions are available and how to claim them.

How To Build Your Net Worth Through Passive Income
For anyone who is new to investing or is looking for ways to increase net worth, it is quite important to understand some of the basics of investing in order to build wealth. There is a lot involved with investing, and it can be confusing deciding what type of investments to choose. Do you want to remain traditional with stocks and mutual funds, or do you want to be "radical" and go with forms of passive income such as investing in films?

Planning A House Flip? Here's How It Affects Your Taxes
Like many new business ventures, the process of buying, renovating and selling a house for profit -- so-called "flipping" a home -- is both exciting and fraught with potential pitfalls. If you're looking to get into the flipping business, it's important to understand the taxes involved so that you ensure your best profit. Here is a quick primer on home flipping tax treatment.  Business or Investment There are two major questions that determine how your profit from home flipping is taxed.

Ready To Start A Business? 3 Professionals You Need First
If you are ready to start a business but you aren't sure where to begin, there are three professionals you want to meet with and hire before you open your doors for business. You want to make sure that you have everything in line legally and financially, and you need to be protected with proper insurance. Here are a few professionals you want to interview and hire when you are ready to be a business owner.

3 Signs Your Small Business Is Ready To Hire An Accountant
If you're the owner of a small business and have been wearing all of the hats involved in running said business, you may be reluctant to give up control to an outside individual. There comes a time, however, when your business could benefit from the hiring of an accountant. Below are three signs that your business needs an accountant and how that accountant can help you. 1. You're Spending More Time "

3 Ways To Make Your Accountant's Life Easier
When you are trying to manage your small business, one of the things that you should do is make sure that you hire an accountant to handle your finances. Doing that means that you have one less thing to worry about. There are some easy things that you can do in order to make your accountant's job easier.  Keep Track of Your Receipts Keeping track of your receipts doesn't mean just tossing them in a box and letting them sit there.