I just joined a new private practice group who provides us with a $20k/yr business/healthcare expense account. At the end of the year, any left over funds in that account become W2 taxable income. I have paid closer attention to my deductions this year because I have more than I usually do.
I've been told I can have some of those expenses (board exams, moving expenses, credentialing expenses, etc) reimbursed via my business expense account. For more context, I have about $8k in itemized deductions presently, and that leftover W2 income would likely be taxed at the 33% federal rate. From a tax perspective, which makes more sense: use the business expense account or use the tax deduction? Thanks.
I've been told I can have some of those expenses (board exams, moving expenses, credentialing expenses, etc) reimbursed via my business expense account. For more context, I have about $8k in itemized deductions presently, and that leftover W2 income would likely be taxed at the 33% federal rate. From a tax perspective, which makes more sense: use the business expense account or use the tax deduction? Thanks.
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