Medical Expenses

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Glossary: Itemized Deductions

By | April 12th, 2017|Categories: Potpourri of Tax Topics|Tags: , , , , |

Itemized deductions are an optional deduction taxpayers can take on tax returns for things such as medical expenses, property taxes, mortgage interest, and charitable contributions.

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Are HRAs Always Appropriate for Sole Proprietors? Part 3

By | June 10th, 2015|Categories: Small Business Tax and Accounting|Tags: , , , , |

When examining whether an HRA is appropriate for a sole proprietor, it's important to look at cash flow, not just the pure tax savings.

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Are HRAs Always Appropriate for Sole Proprietors? Part 2

By | June 4th, 2015|Categories: Small Business Tax and Accounting|Tags: , , , |

Are HRAs always appropriate for sole proprietors? An HRA will almost always save on taxes, but maybe not as much as advertised.

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Are HRAs Always Appropriate for Sole Proprietors? Part 1

By | April 29th, 2015|Categories: Small Business Tax and Accounting|Tags: , , , |

Are HRAs always appropriate for sole proprietors? Usually, but not always.

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Glossary of Tax Terms: Medical Dependent

By | October 8th, 2013|Categories: Glossary|Tags: , |

I like to say that there are two types of dependents in the tax world: a "dependent dependent" and a "medical dependent." A "dependent dependent" is someone who you claim as a dependent on your tax return. (Note that the "dependent dependent" terminology is something I made up; it's not intended to be a technical term!) [...]