good morale at the office keeps people happy and glad they work there. they work better, and they are more willing to put in extra effort when needed. that morale is born of a positive, supportive work environment that accommodates the special demand of a cpa office.
navigating health care deductions can significantly impact your tax return, especially if you have substantial medical expenses throughout the year. here are 20 tips to help you maximize your health care deductions:
know the threshold: unless this has changed recently, you can deduct unreimbursed medical expenses that exceed 7.5 percent of your adjusted gross income (agi).
understand what’s deductible: deductible medical expenses include payments for doctors, dentists, surgeons and other medical practitioners; hospital stays; prescription medications; and medical aids like glasses, contacts or hearing aids.
include your dependents: you can deduct medical expenses you paid for yourself, your spouse and your dependents.
consider timing: if possible, consolidate medical treatments and procedures in one year to surpass the agi threshold, allowing for larger deductions.
keep impeccable records: save all receipts and documents for medical expenses, including transportation costs related to medical care.
remember non-prescription items: some non-prescription items are deductible if medically necessary, such as crutches, bandages or diagnostic devices.
deduct premiums: health insurance premiums you pay out of pocket, including medicare part b and part d, can be deductible.
long-term care insurance: premiums for qualified long-term care insurance are deductible, subject to age-based limits.
travel expenses for medical care: costs for traveling to and from medical treatments (e.g., gas, parking, tolls, public transit) are deductible.
weight loss programs: if prescribed by a doctor for a specific disease, such as obesity, hypertension or heart disease, you can deduct the cost of weight loss programs.
smoking cessation: costs for programs prescribed by a doctor to stop smoking are deductible.
alcohol and drug treatment: expenses for programs related to alcohol and drug addiction recovery are deductible.
home improvements for medical care: costs for home improvements for medical care (e.g., wheelchair ramps, widening doorways) can be partially deductible, depending on the increase in home value.
special education: if a doctor recommends special education for a child with learning disabilities, these expenses can be deductible.
dental and vision: don’t forget to include dental treatments and vision care expenses in your deductions.
health savings account (hsa) contributions: contributions to an hsa are deductible, and withdrawals for qualified medical expenses are tax-free.
flexible spending arrangements (fsas): use pre-tax dollars in fsas for medical expenses, reducing your taxable income.
keep track of mileage: if you use your car for medical transportation, keep a log of the miles driven for medical purposes to deduct at the standard mileage rate.
assisted living expenses: portions of assisted living facility costs necessary for medical care can be deductible.
consult a professional: tax laws and health care regulations can be complex and change frequently. consult with a tax professional to ensure you’re maximizing your deductions while remaining compliant with current laws.
leveraging these tips can help you effectively manage your health care deductions, potentially lowering your taxable income and saving money on your tax bill. always ensure you’re following the latest irs guidelines and regulations.
ensure both business and personal finances are optimized.
meyer
by jackie meyer, cpa
jackie meyer, cpa is president and founder of meyer tax consulting llc, taxplaniq, and concierge accountant coaching programs in southlake, texas, with over 20 years of experience, she founded and successfully sold her own cpa firm for seven figures, leveraging her trademarked roi method of value pricing tax advisory services. she specializes in tax planning for executives with a high investment return. meyer is a serial entrepreneur, speaker, and consultant dedicated to revolutionizing the fintech, accounting, and entrepreneurial landscapes. as a cpa and certified tax coach, she offers concierge tax and accounting services to assist clients with anything from income-shifting strategies to managing a family business in qbo.
most business owners are adept at navigating the complexities of running a company. however, when it comes to personal financial planning, particularly concerning education expenses specialized attention is often required.
it’s been widely touted that a 529 college savings plan is a powerful tool that not only aids in funding education but also offers significant tax benefits. understanding how to leverage a 529 account can enhance financial strategy for your business clients, ensuring both business and personal finances are optimized.
audit partners seeing modest optimism across companies.
by 卡塔尔世界杯常规比赛时间 research
auditors have a special sense of what’s happening in american business. they see the numbers that others don’t. they prepare their firms and clients for what’s to come.
this year, audit partners are sensing a guarded confidence in the economy, albeit with considerable nervousness about the geopolitical situation, according to the center for audit quality’s 2024 audit partner pulse survey.
the ignition 2024 accounting and tax pricing benchmark survey indicates that most accounting firms are planning modest price increases in 2025 – in too many cases somewhat less than what they need to provide decent salaries and top-notch services.
the survey offers 10 tips for managing price increases without losing clients (unless you want to). here they are, with a bit of commentary. read more →
make marketing a daily activity – on some days, strategic moves. on other days, at least one or two smaller moves. here are 10 smaller moves for your daily to-do list.
more than half of american accounting firms plan to increase their prices next year, according to the 2024 u.s. accounting and tax pricing benchmark survey just issued by software developer ignition.
the survey finds that 57 percent plan to jack up their invoices across all services, with 31 percent of them going for a 10 percent increase. but 37 percent will limit their increases to just 5 percent.
and a gutsy 6 percent will go for 20 percent more. read more →
private equity investment is creating a seismic shift in the accounting profession. leadership structures are getting overhauled. career paths are branching both up and out. investments are opening opportunities in services and clientele.
a blog is useful if done right and done regularly. to do it right, keep it simple and make it useful. and short. here are 10 topics that you can discuss with your expertise.