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Acumen MB LLC
Latest Tax & Accounting News
By Amanda Beder
•
June 4, 2025
At Acumen MB LLC, we believe that education is one of the most valuable investments a person can make. That’s why we’re proud to recognize National Higher Education Day —a day dedicated to promoting the importance of higher learning and expanding access to educational opportunities. But beyond the personal and professional growth that comes from a college education, there’s another angle we think is worth highlighting: the financial and tax benefits tied to higher education . Whether you're a student, a parent, or a graduate repaying loans, the tax code offers several incentives that can ease the cost of investing in your future. 1. Education Tax Credits Two of the most common tax breaks for students and families are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) . AOTC allows up to $2,500 per year for qualified education expenses during the first four years of higher education. LLC offers up to $2,000 per year for post-secondary education, with no limit on the number of years you can claim it. Each credit has specific eligibility requirements, so it’s important to consult with your tax professional to determine which one is right for you. 2. Student Loan Interest Deduction If you’ve started repaying your student loans, you may be able to deduct up to $2,500 in interest paid on qualifying student loans— even if you don’t itemize deductions . This deduction can be a welcome relief, especially for recent graduates managing new financial responsibilities. 3. 529 College Savings Plans For families saving for a child’s education, 529 plans offer a tax-advantaged way to build an education fund. Earnings grow tax-free, and withdrawals are also tax-free when used for qualified education expenses. In many states, contributions to a 529 plan are deductible on your state income tax return. 4. Tax Planning for Scholarships and Grants While most scholarships and grants are tax-free when used for tuition and required expenses, portions used for room and board or other non-qualified expenses may be taxable. Understanding how these funds are reported can help avoid surprises at tax time. We’re Here to Help You Make the Most of Every Educational Opportunity At Acumen MB LLC, we’re not just your accounting team—we’re your financial partners. Whether you're applying for college, repaying loans, or planning for your child’s future, our team is here to help you navigate the tax implications and maximize every available benefit. Have questions about how higher education impacts your taxes? Contact us today to schedule a consultation. Because smart education choices deserve smart tax strategies.
By Amanda Beder
•
May 12, 2025
May 12 is National Fibromyalgia Awareness Day—a time to raise awareness, show support, and recognize the daily challenges faced by millions living with fibromyalgia. At Acumen MB LLC, we understand that chronic illnesses like fibromyalgia don't just take a toll on the body and mind—they can also place a heavy burden on your finances. That's why it's important to understand how the tax code may offer some relief through medical expense deductions . What Is Fibromyalgia? Fibromyalgia is a chronic condition that causes widespread pain, fatigue, cognitive difficulties, and sleep disturbances. Because it’s often an “invisible illness,” those who live with it may struggle not only with physical symptoms but also with the emotional and financial weight of managing long-term care. Tax Relief for Medical Expenses If you or someone in your household is being treated for fibromyalgia, certain medical costs may be deductible on your federal tax return , provided they exceed 7.5% of your adjusted gross income (AGI). This deduction applies whether you have been formally diagnosed or are undergoing evaluation and treatment for symptoms consistent with fibromyalgia. Common Deductible Expenses for Fibromyalgia Patients Eligible expenses may include: Doctor and specialist visits (including rheumatologists, neurologists, and pain management clinics) Prescription medications Physical therapy and occupational therapy Mental health services such as therapy or counseling Travel expenses related to medical treatment (e.g., mileage, bus fare, parking fees) Alternative treatments recommended by a medical provider (such as acupuncture or chiropractic care) Medical equipment and supplies (e.g., TENS units, braces, ergonomic furniture) Don’t Forget About FSAs and HSAs If you’re enrolled in a Flexible Spending Account (FSA) or Health Savings Account (HSA) , you may be able to pay for many of these expenses with pre-tax dollars—providing another layer of financial relief. How We Can Help Navigating chronic illness is difficult enough without the added stress of figuring out what you can and cannot claim on your taxes. At Acumen MB LLC, we’re here to guide you through the process. If you or someone you care about is managing fibromyalgia and you'd like to better understand the tax implications, reach out to our team. We can help you track eligible expenses, maximize deductions, and keep your financial health strong. Let’s work together to ease some of the burden—because no one should have to face chronic illness alone, especially at tax time.