BUSINESS DEDUCTIONS FOR MEDICAL PROFESSIONALS

Incorporation allows you to deduct many expenses as long as they are incurred for earning business income. The following is a list of deductions commonly claimed by medical professionals:

  • Professional dues;

  • Conference fees, including travel fees;

  • Entertainment costs : deductible at 50% (meals, business outings);

  • Furniture for the business;

  • Vehicle costs;

  • Home office costs;

  • Telephone, internet, pager, fax bills;

  • Accounting fees;

  • Legal fees;

  • Invoicing fees;

  • Subscriptions to professional or academic journals in your field;

  • Cost of an office computer or laptop.

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