Some Important but Commonly-Overlooked Tax Deductions for Doctors

"Common tax-deductible items may include medical supplies necessary for the medical practitioner’s professional practice (rubber gloves, precision surgical instruments and the like), office space (if the individual is self-employed), uniforms (if the individual works for an employer), continuing education (this can either be required by an employer or solely the personal choice of the individual), and travel expenses (miles travelled for official business). All of these items and services are subject to various state-specific tax laws under the Affordable Care Act (a.k.a. Obamacare). Financial issues, such as complex tax deductions for doctors, can be too confounding for the fiscally challenged or naïve, and the risks of having to confront the IRS for overlooked income declarations can be daunting. Doctors also miss out on sizeable tax refunds if they fail to itemize their deductibles. Fortunately, help is available and companies like MEDIQ, which specializes in financial management

This entry was posted on Wednesday, 23 July 2014. You can follow any responses to this entry through the RSS 2.0. You can leave a response.

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