Tax Tips For the Urgent Care Owner

“The hardest thing in the world to understand is the income tax.”

—Albert Einstein

There are two things in life you don’t want to watch closely as they’re made; the first is sausages, the second is tax law. But while death and taxes are inevitable, death doesn’t get worse every time Congress meets. The constant push-pull of special interests, partisan and “pork barrel” politics left us with an income tax system that is convoluted and overly complex.

The system has one saving grace though: it’s semi-voluntary. For example, everyone knows that if you own a home, you may deduct the property taxes and mortgage interest. But you are not required to. You could file form 1040A and forego deductions and “volunteer” to pay more taxes.

For business owners, there are a great number of tax-saving opportunities available. Many of these opportunities, however, are not well known and are often ignored even by tax planners, CPAs and attorneys. By not using them, you will have “volunteered” to pay more taxes.

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