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.
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