Business Tax Recovery Logo


Tax Deduction Consulting: Medical Malpractice Insurance Goffstown NH

The IRS uses the phrases of ordinary and necessary to define the kinds of expenses that are normally deductible as business expenses against income tax. The high cost of recent settlements in cases involving malpractice has certainly removed any question of Medical Malpractice Insurance being considered lavish or extravagant.

Mr. James E. Knee (RFC®), MBA
(603) 224-1010
6 Loudon Road, Suite 505
Concord, NH
Company
Sterling Financial Services, LLC
Qualifications
Education: B.S., University of Bridgeport;MBA, Southern New Hampshire University;Advanced Certificate in International Business;Series 24 Registered Principal License;Series 7 and 63 Securities License;NH Health and Life Insurance License
Years of Experience: 26
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Education Plan, Asset Protection

Data Provided by:
Fishers Income Tax Svc
(603) 622-2057
616 Mast Rd
Manchester, NH

Data Provided by:
Danis & Company
(603) 656-9041
169 South River RD #14
Bedford, NH
 
J Walker & Co LLC
(603) 224-4829
104 N State St
Concord, NH
Hours
Mon 09:00 AM-05:00 PM;Tue 09:00 AM-05:00 PM;Wed 09:00 AM-05:00 PM;Thu 09:00 AM-05:00 PM;Fri 09:00 AM

Data Provided by:
Mr. James E. Knee (RFC®), MBA
(603) 224-1010
6 Loudon Road, Suite 505
Concord, NH
Company
Sterling Financial Services, LLC
Qualifications
Education: B.S., University of Bridgeport;MBA, Southern New Hampshire University;Advanced Certificate in International Business;Series 24 Registered Principal License;Series 7 and 63 Securities License;NH Health and Life Insurance License
Years of Experience: 26
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Education Plan, Asset Protection

Data Provided by:
H&R Block
(603) 647-6974
1328 Hooksett Rd
Hooksett, NH

Data Provided by:
H&R Block Inside Northside Plaza
(603) 628-1976
67 HAMEL DR UNIT B4A
MANCHESTER, NH

Data Provided by:
Devereaux & Ean-Dixon Bookkeeping LLC
(603) 717-1214
PO Box 2794
Concord, NH
Prices and/or Promotions
10% off of individual tax return prep

Steele Associates
(603) 673-4660
54 Nashua St
Milford, NH

Data Provided by:
H&R Block
(603) 647-6974
1328 Hooksett Rd
Hooksett, NH

Data Provided by:
Data Provided by:

Tax Deduction Consulting: Medical Malpractice Insurance

Income Tax Deduction for Medical Malpractice Insurance

Medical Malpractice Insurance certainly meets the IRS definition of both necessary and ordinary. Therefore the premiums paid for Medical Malpractice Insurance is a tax deduction.

Deduct Malpractice Insurance

The IRS uses the phrases of ordinary and necessary to define the kinds of expenses that are normally deductible as business expenses against income tax. The high cost of recent settlements in cases involving malpractice has certainly removed any question of Medical Malpractice Insurance being considered lavish or extravagant. Ordinary and necessary refer to things that are common and appropriate to a business or independent contractor.

The premiums paid for Medical Malpractice Insurance are tax deductions that may be added to the total medical expenses. Medical expenses must exceed 7.5% of a taxpayer adjusted gross income before they may be taken as an itemized deduction. This figure assumes that the average person is going to be paying 7.5% of his income on Medical expenses normally. Therefore only the excess represents a legitimate deduction from income.

A large malpractice policy seems to address the sound risk management principles of good financial planning. This would mean that the premiums would be a good addition to other medical expenses to push the total closer to that magic 7.5% cutoff point. This deduction might be overlooked due to the fact that life insurance premiums are not legitimate deductions and certainly not medical expenses. The Insurance premium for health insurance is a medical expense. Deductions for the other forms of insurance, such as property insurance, are deducted elsewhere.

There are a large number of things that can be included as medical expenses that would count toward the deduction starting point. Many of these items would not even occur to a layman, but a doctor should have a good idea of just about anything that could be remotely considered medical. The...

Click here to read the rest of this article from BusinessTaxRecovery.com