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Tax Deductions and Credits

nurses tax deductions

Overlooked Tax Deductions for Nurses and Healthcare Professionals

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It’s understandable that the last thing a nurse, physician, pharmacist, or any other healthcare professional wants to worry about are tax deductions. This daunting thought can also be the reason why so many workers in the healthcare field file too quickly in an effort to complete this task.

Many of the medical professions can be grueling with lots of stress, little sleep, and long hours.

To add to your already long list, you will want to make sure all your documents are in line for taxes in order to stay ahead of the game. In this article I will show you how to get the most deductions in order to lower your tax bill.

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Commonly Missed Tax Deductions for Stylists, Barbers and Beauty Professionals

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You’re in the world of perfecting your client’s physical appearance whether it is through hair, fashion, or makeup. The last thing you want to worry about is making sure your taxes are prepared correctly and with optimal care. I am definitely aware of this and I always want to make your life easier when it comes to helping you prepare your taxes.

The first thing you will want to do, is to make sure all your documents are in line. On this article I will show you how to get the most business deductions and lower your tax bill.

When preparing for the tax season, please keep in mind that you can write-off expenses that are common for your profession and ones that are necessary to help you run a business.

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Do I have to pay taxes on my hobby?

Is Your Side-Hustle a Hobby or Business for Taxes?

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Have you started your side-hustle or thinking about starting one? If so, it’s time to determine how to turn your side-hustle from hobby to business.

Whether you’re an online influencer, travel blogger, artist or musician, you need to know your status and if the IRS recognizes your hobby as a business. This is important in determining if you need to file taxes.

So, let me explain the difference to you!

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Understanding tax exemptions

Tax Exemptions – Everything You Need to Know for 2018

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What are Tax Exemptions?

Tax exemption is a monetary amount given to help reduce your taxable income. Usually, you can deduct a specific amount for each exemption claimed for that particular tax year.

There are 2 types of exemptions you can deduct:

  • Personal exemptions for you and your spouse
  • Exemptions for dependents known as dependency exemptions

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tax credit and deduction

Tax Exemption vs. Tax Deduction. What’s the Difference?

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Are you ever confused when your tax advisor says “take this exemption” or “let’s use this deduction?”

Don’t worry, you are not alone.

Most tax payers are not aware of the difference between a tax exemption and a tax deduction. I take pride in teaching you how to achieve financial peace in many different ways and this is one topic I’d love to explain to you.

Now let’s break down the difference between a tax exemption and a tax deduction! Read More

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The Handy Tax Guy Blog

Hi There!

My name is Handy (pronounced “Andy”) and I’m the owner of The Handy Tax Guy. I believe in using money as a tool to create a life of financial success and I’d like to show you how. Learn from my successes (and failures) to help grow your income and achieve financial freedom. Read my comeback story here.

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