[FREE GUIDE] TAX SECRETS FOR THE SELF EMPLOYED Download
[FREE GUIDE] TAX SECRETS FOR THE SELF EMPLOYED Download
Unfortunately, nothing is simple in the medical field, and that includes taxes. But when you get through all of the variables and industry-related nuances, one thing always seems to remain true – tax codes overwhelmingly favor (and benefit) doctors who own their practice.
Here’s an example: self-employed physicians (practice owners) get virtually unlimited tax deductions for business-related expenses. This covers everything from office equipment and supplies to ongoing education, licensing fees and members dues, and even travel-related expenses (think lodging, airfare, etc.) – all highly tax deductible.
But the doctors who work at said practice? More times than not, they’ll have to negotiate their reimbursement terms, as they’ll have to cover said expenses out-of-pocket.
But you know what they say, “you have to be in it to win it.” However, although tax codes favor self-employed physicians, it’s not uncommon for them to still overpay in other areas. Once more, there are industry-specific strategies that non-self-employed physicians can take to significantly bolster their own tax situation without relying on faulty loopholes.
If you’re a physician who doesn’t own your practice, you can still benefit from the same tax codes as if you did. A qualified strategic tax planning agency can help set you up with a sole proprietorship or LLC so you can receive your income from locum tenens work, as well as payments from drug companies and medical device manufacturers. Bottom line: you can bill as a contractor, which means all of those expenses will become tax deductible–as if you owned your own practice.
Partnering with a seasoned strategic tax planning agency doesn’t just save you on your taxes; it also provides peace of mind. After all, you’re busy enough without worrying about how and where you can save on your taxes. Instead, partner with KDA and let us handle your tax savings so you can focus on what matters most – your patients.
Our long line of award-winning services shows we put our clients’ goals above all else. We are committed to helping you be the best you can be before, during, and after tax season.
We’re a nationally-recognized, award-winning tax, accounting and small business services agency. Despite our size, our family-owned culture still adds the personal touch you’d come to expect.
