Are these three costs getting a second look before year-end?
For business owners and self-employed professionals. Eligibility depends on your situation.
Renewals and regulatory fees for your existing practice may qualify. Initial career qualification, fines and startup costs need separate treatment.
Keep renewal notices and receipts; separate penalties and initial setup costs.
Treatment supplies and consumables used in your practice may qualify. Separate resale stock, personal items and long-lived equipment.
Save itemized receipts and note whether purchases were used in patient care or held for resale.
Review ads, practice brochures and patient-facing promotions. Recurring business promotions may qualify; long-term assets and entertainment need separate treatment.
Keep campaign invoices and a copy of each advertisement, with its business purpose.
Business expenses must be ordinary and necessary. Keep receipts and the business purpose; separate personal use and reimbursements. Inventory and long-term assets can have different rules. General education, not individual tax advice.
Book a free 15-minute year-end tax check with Louisa, by phone.
Book your free 15-minute tax check →Or call or text 281-656-9666.