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Tax Season Tips for Healthcare Professionals

With the healthcare sector accounting for a sizeable proportion of national expenditures, the pursuit of efficiency and tighter health care analytics and business practices has become a central objective of policymakers within most health systems. However, health care analytics is a complex undertaking. In response to the growing need, efficiency of health care analytics, including how to properly file taxes has become more sophisticated.

As a healthcare professional, one way to offset cost and be more efficient is to take advantage of any tax deductions offered. You may be able to reduce your taxes by deducting unreimbursed, job-related expenses. These expenses may be claimed as miscellaneous itemized deductions on Schedule A, Itemized Deductions, or, if attributable to self employment, they may be deductible on Schedule C. You should keep receipts to substantiate these expenses.

Examples of some of the items you may be able to deduct include:
- Subscriptions to professional medical journals
- Malpractice insurance or insurance premiums for protection against liability or wrongful acts
- Specialized equipment or tools
- The cost and upkeep of uniforms if they are required for work and not suitable for everyday wear (for example, a nurse's bedside uniform and shoes that can not be worn when off duty)
- State or local government regulatory fees, licenses, or flat rate occupational taxes, provided these fees are not paid for initial certification or licensing
You also may be able to deduct work-related education courses or seminars if they meet certain requirements. Education typically meeting the requirements includes refresher courses, courses on current developments, and vocational courses. However, education that qualifies you for a new trade or business or that helps you to meet the minimum education requirements of your present trade or business is not deductible as a business expense. For example, a licensed practical nurse cannot deduct as a business expense the cost of going to nursing school to become a registered nurse or to become a physician's assistant as work-related education. The tuition may, however, qualify for a Hope or Lifetime Learning Credit or a deduction for qualified tuition.

If you took out a loan to pursue your studies and you are paying interest on that loan, you may be able to claim up to $2,500 of the interest as a student loan interest deduction on your return. In certain cases, you may qualify to discharge all or part of the loan without having to include it as income. The loan must contain a provision for you to work in a given profession for a certain period of time for any of a broad class of employers. For example a full-time nurse or a medical technician who agrees to work for a public hospital in a rural area may qualify.

As a healthcare professional, it’s important to fully understand tax deductions that pertain to the medical field. Understanding this is an important part of having a clear understanding of basic health care analytics which is an important part of remaining profitable so you can continue to provide exceptional care.

Article Source: http://www.article-voip.com

Eddie Marol is a freelance writer from San Diego and a retired healthcare professional. If you have questions are need more information regarding healthcare analytics, please visit MedeFinance.com.

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