The Short Answer: Generally, No. While the idea of deducting marriage counseling expenses on your taxes might seem appealing, the reality is often more complex. The Internal Revenue Service (IRS) has specific rules regarding what qualifies as a deductible medical expense, and unfortunately,
Is Physical Therapy Tax Deductible?
Physical therapy is a type of healthcare that can help people with a variety of conditions, including injuries, chronic pain, and disabilities. If you have incurred expenses for physical therapy, you may be wondering if they are tax deductible. The answer depends on several factors, including
Accounting for Medical Equipment Leases: A Comprehensive Guide
Medical equipment leases can be a valuable tool for healthcare practices, offering financial flexibility and access to the latest technology. However, understanding the complexities of lease agreements and their accounting implications is essential to make informed decisions. In this post, we'll
Comparing Revenue Management Models in Healthcare
In the dynamic landscape of healthcare, revenue management plays a crucial role in ensuring the financial sustainability of providers. A well-crafted revenue model can significantly impact a healthcare organization's profitability and ability to deliver high-quality care. This blog post will explore
Medicare and Medicaid: Balancing Books for Medical Practices
As a medical practice owner, you're often juggling a multitude of responsibilities. Patient care, operational efficiency, to speak nothing of the growing the practice itself. Every decision counts, and of course, one of the biggest ones you can make is whether or not to accept Medicare and
Accountants for Locum Doctors: Where Finance Meets Flexibility
As a locum tenens doctor, you enjoy the freedom and flexibility of choosing your assignments and locations. But with that independence comes a unique set of financial challenges. You're responsible for managing your own income, taxes, and retirement planning – a complex task without the support of a
Ways to Increase your Medical Practice’s Profitability
According to the Medical Group Management Association (MGMA), the average EBIDTA margin for medical practices in the United States was 17.5% in 2021. However, this can vary widely depending on the specialty, size, and location of the practice. For example, a fledgling medical practice may have a
What Medical Expenses Are Tax Deductible?
Medical expenses can be a significant financial burden for many people, especially those with chronic health conditions or who have recently had a major medical event. While there are many government and private programs that can help people pay for medical care, the tax code also offers some relief