Archive for the ‘what is a write-off?’ Category

MERP — Medical Expense Reimbursement Plan

A MERP is the answer for all you people who spend money on medical expenses but are never able to write them off on your personal tax return because they don’t equal more than 7.5% of your income.

The way a MERP works is your business reimburses you for all of your medical expenses. Then the business gets the write-off as an employee benefit expense.

One drawback to the MERP is you must have a corporation  in order to use it. Sole proprietorships, S-corporations, partnerships and LLCs are not eligible because they are considered self employed.

To your health, 

Larisa

It takes money to make money…

What things qualify as business deductions for taxes?

Any money spent to build, promote and operate your business. This would include  advertising, supplies, rent, internet, telephone, transportation, travel, wages, professional services, products, equipment, etc.

All the best,

Larisa

It takes money to make money…

What qualifies as a small business tax deduction? 

Any money spent to build, promote and operate your business. This would include  advertising, supplies, rent, internet, telephone, transportation, travel, wages, professional services, products, equipment, etc.

I have an exhaustive list of small business tax deductions, developed over 19 years of tax preparation in chapter 3 of my ebook, “Pay Yourself Instead of Uncle Sam.” 

All the best,

Larisa