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Tax Deduction Consulting: Medical Malpractice Insurance Norfolk NE

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. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
Company
Midwest Capital
Qualifications
Education: BBA, CLU, ChFC
Years of Experience: 28
Membership
IARFC, MDRT, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
Company
Strevey Financial Services
Qualifications
Education: BS
Years of Experience: 34
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

Data Provided by:
AMERICAN TAX COMPANY
(308) 382-9442
116 W. 2nd Street
Grand Island, NE
Prices and/or Promotions
All Returns-One Price-More Money Back

Liberty Tax Service
(866) 871-1040
2115 2nd Ave # B
Kearney, NE

Data Provided by:
Guzman Income Tax
(402) 494-6170
112 E 19TH St
South Sioux City, NE

Data Provided by:
Mr. Chris E. Nelson (RFC®), CFP
(308) 632-7587
1701 First Avenue
Scottsbluff, NE
Company
Valley Financial Planning
Qualifications
Education: University of Nebraska-LincolnThe Metropolitan State College of Denver, CO
Years of Experience: 16
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Compensation Plans

Data Provided by:
Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
Qualifications
Years of Experience: 22
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Jackson Hewitt
(402) 933-1230
8413 West Center Rd.
Omaha, NE

Data Provided by:
A C Tax & Accounting
(402) 291-2335
1311 Galvin Rd S
Bellevue, NE

Data Provided by:
Liberty Tax Service
(866) 871-1040
3720 N 27th St
Lincoln, NE

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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...

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