Archive for July 2020
Good News for Dentists! – HHS Extends Deadline
you may be eligible for an additional sum of 2 percent of your annual reported patient revenue from the enhanced relief fund. The deadline for application has been extended from July 24 to August 3rd, 2020.Read More
5 Keys to Taxation and Provider Relief Payments
HHS announced plans to distribute $15 billion from the Provider Relief Fund targeted to eligible providers that participate in state Medicaid and CHIP programs and have not yet received a payment from the Provider Relief Fund General Distribution. This funding will supply relief to Medicaid and CHIP clinicians experiencing lost revenues or increased expenses due to COVID-19. Additional payments will also be made to safety-net hospitals.Read More
How to Deduct your Home Office on Your Taxes
Have you ever looked at your tax return and wondered how you could get more deductions? I think we all have! I was working with a client who had started a small business working out of her home. She kept good records of all her business expenditures and related receipts, which made it easy to deliver to me prior to the deadline. When I compiled her tax returns, everything had been accounted for – except one thing: her home office!
The Internal Revenue Code provides for additional deductions, even when a taxpayer did not directly pay for something as a business expense – but you have to know what they are (obviously). One tool to have in your toolkit is the home office deduction.