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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?

    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.