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Picture of a stone sign on the IRS building in Washington, D.C. 0

The Important Distinction Between Business Deductions for Owners versus Employees

People often wonder if they can deduct certain items as a business expense on their tax return. While personal expenses are generally not deductible, non-reimbursed business expenses may be deductible even if you are not the owner of the business. That said, business income and expense items for owners and independent contractors are taxed quite differently than similar items for...

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Tax News: Changes to The Medical Expenses Deduction’s AGI Floor

The IRS has announced that the rules for taxpayers who take the Medical Expenses deduction has been changed. Previously, taxpayers could take a deduction for their medical expenses in a given tax year if the total of the deducted medical expenses exceeded 7.5% of the Adjusted Gross Income (“AGI”) of the taxpayer.[1] Taking effect immediately for tax year 2013,[2] this...