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No, but I pay tax, and I pay federal tax, too.
Cooper had asked Trump if he used the nearly $1 billion in losses shown on the three 1995 state tax returns leaked to The New York Times “to avoid paying personal federal income taxes?”
Trump responded, “Of course I did. Of course I did.”
Practice owners (sole proprietors or corporations), partners who receive K-1s, and independent contractors who receive the 1099 form have the greatest flexibility when it comes to taking business expenses to reduce taxable income. Although you should consider many factors when selecting a business entity, most business deductions are treated the same way, regardless of the type of business entity.
What a Chiropractor can write off
Article blurb from Tax writeoffs: What to take, what to avoid from http://twdadvisors.com/
We now recommend presenting these refunds as “other expense” instead of as “returns and allowance.”
Health insurance premiums for practice owners and staff members
This category does not include out-of-pocket costs, which must be handled differently.
Mobile phones and related equipment
This category should not include your spouse/significant other unless she or he is a bona fide employee.
Licensing and professional dues
Continuing medical education
Scrubs, white coats, and related laundry costs
In-office computers, software, and ancillary equipment
It is a good idea to have a written business policy whereby you immediately expense items under a certain dollar threshold and capitalize and depreciate expenses over that threshold. The advantage of immediately expensing an item is that you don’t have to pay property taxes on it.
Keep Expenses ORDINARY AND NECESSARY