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?

    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?