Did you make a mistake in a prior year tax return? If so you might be able to get some money back by filing an amended income tax return. If the return is less than four years old, I can help you amend the return and help you get the money back. You can email me at bstonercpa@sbcglobal.net and we can talk about amending previous returns and get you money back.
Brian’s Financial Musings
Well the debt ceiling has been raised and World Disaster has been averted (again-at least until tomorrow). Today the Senate passed the compromised bill and the President signed it, so now what will we talk about? My main question is why did it take until the last minute to get a compromise through? Why wasn’t this done last month (or six months ago)? Because life is a movie and it never pays to get something until the last minute because then people will stop watching.
Brian’s Tax Musings
Hey if you are self employed, you can deduct your spouse’s medical insurance and medical expenses on your Schedule C and save some itemized deductions. Setting up a Section 105 Medical Reimbursement Plan for your employees allows you to deduct them on the front of your return rather than as a medical expense on Schedule A. You also can reduce your self employment tax by the expenses, but your spouse has to take a salary which will probably wipe out most of those savings. Obviously if you have employees, you have to let them participate in this plan also. It can take some planning to get this right so you can save the max on this.