Wednesday, April 8, 2015
Physical Therapy As a Business Expense
I have been troubled for some time by the fact that my physical therapy appointments for this plan year are exhausted on my health insurance, but if I make any money from writing, there is a danger of exceeding the amount that I can make without impairing my disability check. Solution: treat physical therapy out of pocket as a writing business expense. The sooner I recover, the sooner I can type with both hands, and disability only cares about net income.
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Slightly related: a colleague of mine was diagnosed with MS about 20 years ago (he's still around, btw). He eventually retired under a medical disability. He was a geophysicist specializing in well-log interpretation.
ReplyDeleteNot long after going on disability, he was approached by a colleague and asked to interpret some well logs from a well in Arizona. He agreed on condition that he not be paid directly for his services, but be provided a (small) share in the well. This may be a little dicey from the IRS point of view, but that's what he did. The well wasn't producing at the time, no its net asset value was either unknown or zero.
Anyway, the well came in, and he gets a regular check from it, and it's not earned income.