nurses tax deductions

Overlooked Tax Deductions for Nurses and Healthcare Professionals

It’s understandable that the last thing a nurse, physician, pharmacist, or any other healthcare professional wants to worry about are tax deductions.

This daunting thought can also be the reason why so many workers in the healthcare field file too quickly in an effort to complete this task.

Many of the medical professions can be grueling with lots of stress, little sleep, and long hours.

To add to your already long list, you will want to make sure all your documents are in line for taxes in order to stay ahead of the game.

In this article I will show you how to get the most deductions in order to lower your tax bill.

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tax credit and deduction

Tax Exemption vs. Tax Deduction. What’s the Difference?

Are you ever confused when your tax advisor says “take this exemption” or “let’s use this deduction?”

Don’t worry, you are not alone.

Most tax payers are not aware of the difference between a tax exemption and a tax deduction. I take pride in teaching you how to achieve financial peace in many different ways and this is one topic I’d love to explain to you.

Now let’s break down the difference between a tax exemption and a tax deduction!

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How to fill out IRS form 8863 students in college studying

Understanding IRS Form 8863: Do I Qualify for American Opportunity Credit?

Did you know that Uncle Sam can help you pay for your post-secondary education? That’s right. With IRS Form 8863, you can save up to $2,500 in tax liability for education expenses for you or your dependent student.

Known as the American Opportunity Credit, this credit is applicable for those who make up to $90,000 in filing individually or up to $180,000 if married filing jointly.

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How do I request tax return from IRS using Form 4506 T with black lady on computer

IRS Form 4506-T: How to Get a Copy of Your Tax Return

Are you trying to figure out how to use the IRS Form 4506-T?

As you may know, the Internal Revenue Service (IRS) is an agency of the United States federal government that controls tax laws. It manages the tax return process, different tax services, and the implementation of tax laws.

The IRS also saves information of taxpayers such as yourself and provides the info whenever you need it. You may need your tax-related details due to numerous reasons.

Mostly, it is needed when you are interested in taking a loan/mortgage and the mortgage provider has to verify your income source.

The IRS provides different forms that taxpayers can use to retrieve different information regarding their tax. One of them is the IRS Form 4506-T in which the letter ‘T’ stands for transcript.

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