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Being a healthcare provider can include collecting an overwhelming amount of paperwork throughout the year. It is okay if you do not know where to start. Let us walk you through this process.

If you are a health care professional, you may receive Form W-2, Wage and Tax Statement, for income from wages and bonuses. Payments that you receive for providing health care services, in addition to your regular job, may be considered income from self-employment and are reportable on Schedule C, Profit or Loss from Business.

Examples of some of the items you may be able to deduct include:

  • Subscriptions to professional medical journals
  • Professional dues
  • 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

Originally posted and shared from: , by The Mobile Tax Man, February 13, 2010 4:53 PM

Healthcare providers, share with us your tax deduction process.