95% of Taxpayers are Overpaying on Taxes- Find Out Why- Most Overlooked Deduction #1- Health Insurance- Installment 2 of 9

Average Overpaid Taxes- $15,000 annually

This is the second installment of this series of the nine most missed deductions. ?This may very well be one of the most crucial series of newsletters you read all year.? This is just one of the commonly missed deductions. Can you imagine what we could find if we thoroughly reviewed your returns?? After this article, you will be given a complementary opportunity for us to review your returns for tax-saving opportunities.?

For years, Money Magazine published an article every year about taxpayers' overpaying taxes. ?Based on their research, they believed that 95% of taxpayers overpay on taxes; it was just a question of how much. ?Sadly, they stopped publishing this article. ?Probably because it was not happy news for their readers, but it leads to a critical question;

Most Overlooked Deduction # 2- Health Insurance

The second most missed deduction is health insurance. ?When you ask most taxpayers if they are deducting health insurance premiums that they pay, most will say they are not, or worse yet; they did not even know that medical insurance premiums were deductible in the first place.? ?Section 162 of the tax law allows self-employed individuals to deduct their health insurance premiums.? Even if you are on a family plan with your spouse and/or dependents, paying any portion of your health insurance premiums and not deducting your payments may be overpaying in taxes. ?Now, the method for deducting your health insurance premiums will ultimately depend on how your business is organized. ?For instance, S corps may create a reimbursement plan to reimburse owners for their health insurance premiums.

In contrast, a sole proprietor may pay these expenses directly from their business bank account. ?So, you will want to ensure you take this deduction correctly to prevent any red flags. ?Nonetheless, this is a valid deduction that you can take if you are paying for these types of expenses

If you have made it to this part of the newsletter, this tells me one or two things. ?Number one, you really enjoyed this newsletter, which is excellent! ?Or, number two, you have a serious problem with your current tax preparer. ?Maybe they are not planning with you at all, or perhaps you're preparing your own taxes, which is probably why you are here looking for ways to reduce your taxes.? Unfortunately, a lot of the information here will be general in nature.? Even searching for tax-saving ideas on the internet will produce very general information, and you still have to apply it yourself.

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If you want to stop trying to find your own tax-saving ideas or, worse yet, you are the one coming up with the tax-saving strategies and presenting them to your accountant, stop the madness!? This was supposed to be my dream, being my own boss.

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Get on an actionable tax plan once and for all.? I invite you to become an exclusive client of ours. ?If, for some reason, you are not ready for that, then continue to follow this series.?

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So take advantage of our Tax Recovery Offer if you have that sneaking suspicion that you missed out on tax deductions in the past or would like to get a second opinion.?

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Find out if you qualify for Tax Recovery.