Northeast Philadelphia Tax Preparation Services Newsletters - Summer 2011
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LACTATION
EXPENSES ARE DEDUCTIBLE MEDICAL EXPENSES
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The IRS has announced that breast pumps and related supplies are considered “medical care” under the rules for deduction of medical expenses. The IRS concluded that these expenses are deductible because they are for the purpose of affecting a structure or function of the body of the lactating woman. In addition, the IRS has clarified that amounts reimbursed for these expenses under flexible spending arrangements, Archer medical savings accounts, health reimbursement arrangements or health savings accounts are not income to the taxpayer.
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What is a Tax Lien? A federal tax lien gives the IRS a legal claim to a taxpayer's property for the amount of an unpaid tax debt. Filing a Notice of Federal Tax Lien is necessary to establish priority rights against other creditors. Usually the government is not the only creditor to whom the taxpayer owes money. A lien inform the public that the US government has a claim against all property, and any rights to property, of the taxpayer. This includes property owned at the time the notice of lien is filed and any property acquired afterwards. A lien can affect your credit rating; therefore, it is critical for you to arrange for payment of taxes as quickly as possible. Tax liens generally are filed with the recorder or clerk of the country where a taxpayer's assets are located.
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In preparing
your small business tax return for your Northeast Philadelphia Small Business,
please do not hesitate in contacting your Northeast Philadelphia Tax
Accountants at 215-667-8839. We proudly
provide accounting and tax preparation to small businesses in Northeast
Philadelphia.
Source:
National Society of Tax Professionals
About Us:
Excellence
Accounting and Tax Services are your Northeast Philadelphia Tax Accountants
with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services
to Small Businesses in Northeast Philadelphia.
We also have other tax locations in Northern Liberties in Philadelphia.
If you have any question on what is deductible for
your Northeast Philadelphia Business, please do not hesitate in contacting your
Northeast Philadelphia Tax Accountants.
We proudly provide tax preparation and accounting to Northeast
Philadelphia. Please do not hesitate in
contacting us at 215-667-8839 or visit our website at www.excellencetaxservices.com
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