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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?

    5 Parts Of An Estate Plan

    All adults should engage in estate planning. Estate planning allows you to determine what happens to your assets when you die; without an estate plan established, the state will determine what happens to the things you have spent your life accumulating. Estate planning is for everyone, not just the wealthy. Choose an Executor Your estate plan doesn't do any good if there is no one to see it through. An executor is someone who you choose to make sure your wishes are carried out.

    Guidelines To Consider When Choosing Accounting Service Professionals

    Once you start a business, it's crucial to get the right team of professionals to help you with different tasks. One of the essential functions you cannot overlook is accounting. While you might handle the simple tasks, you'll need to work with accountants and tax agents or seek bookkeeping services. Most newly established companies hire bookkeepers before they can think about getting an accountant or tax agent. While bookkeepers will ensure your books are updated, there are complex tasks they can't handle, and that's where accountants come in.

    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).