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Acumen MB LLC
Latest Tax & Accounting News
By Amanda Beder
•
July 9, 2025
At Acumen MB LLC, we believe that good accounting goes beyond numbers—it supports real people navigating real challenges. Today, on National Chronic Disease Day, we want to recognize the strength and resilience of those living with chronic illnesses and shed light on how thoughtful tax planning and financial strategies can provide some much-needed relief. Understanding the Financial Impact of Chronic Illness Chronic diseases—such as diabetes, heart conditions, arthritis, and autoimmune disorders—can take a serious toll not just physically, but financially as well. Between ongoing medical appointments, treatments, prescriptions, assistive devices, and sometimes even necessary changes in employment, the cost of managing a chronic condition can quickly add up. How the Tax Code Can Help Fortunately, there are several tax benefits and deductions available that may help ease the burden: 1. Medical Expense Deductions If your unreimbursed medical expenses exceed 7.5% of your adjusted gross income (AGI), you may be eligible to deduct them. Qualifying expenses may include: Doctor visits and hospital care Prescription medications Medical equipment (wheelchairs, hearing aids, etc.) Travel costs for medical appointments Home modifications for accessibility We can help determine which of your expenses qualify and how to properly document them. 2. Health Savings Accounts (HSAs) If you’re enrolled in a high-deductible health plan (HDHP), contributing to an HSA allows you to set aside pre-tax dollars for medical expenses. HSAs offer triple tax benefits: contributions are deductible, growth is tax-free, and withdrawals for qualified medical expenses are also tax-free. 3. Disability and Income Considerations If a chronic condition limits your ability to work, you may receive Social Security Disability Insurance (SSDI) or other income support. These benefits may have tax implications depending on your total income. Our team can help you navigate how this affects your tax return and ensure you're not overpaying. 4. Itemizing vs. Standard Deduction Many individuals with chronic illnesses find that itemizing their deductions—particularly for medical expenses—yields more tax savings than the standard deduction. We can help evaluate which option is best for your specific situation. Planning Ahead Chronic conditions often come with unpredictable costs. That’s why proactive tax planning is essential. At Acumen MB LLC, we work closely with our clients to: Create budgets that account for ongoing medical needs Track deductible expenses throughout the year Plan for future care needs through tax-advantaged savings tools You're Not Alone National Chronic Disease Day reminds us that many in our community face daily health battles that often go unseen. If you or a loved one is managing a chronic illness, know that you're not alone—and that there are financial tools available to support your journey. Let us help you make the most of what the tax code has to offer. If you have questions or need help navigating deductions or planning for long-term care, contact us today. At Acumen MB LLC, we're here to support your financial health every step of the way.
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.