Tax Planning for Doctors

Our expert tax planning services help doctors save on their income taxes while navigating the complex financial landscape of the healthcare industry. We tailor our tax planning strategies to meet the specific needs of doctors, whether you’re self-employed, part of a group practice, or running your own medical office. Our goal is to maximize your tax deductions, minimize your tax liabilities, and ensure you take full advantage of all available tax benefits.

Proactive Tax Planning

Doctors face industry-specific regulations, tax credits, and deductions that don’t apply to other professions. We don’t just file your taxes; we create proactive tax strategies that align with your financial goals and the complexities of the healthcare industry.

Customized Tax Strategies for Doctors

We implement customized tax strategies that fit your medical practice, including:

• Maximizing Deductions: We identify every eligible tax deduction for your business expenses like medical equipment, office supplies, insurance premiums, professional development, depreciation, and charitable donations (which are currently deductible up to 60% of adjusted gross income). Just keep in mind that most of the time, even if the business makes charitable donations, the donations are claimed on the taxpayer’s personal return.

• Claiming Tax Credits: We help you claim tax credits for energy-efficient office upgrades, employee retention, and healthcare-specific credits, like the R&D tax credit for medical research and innovations.

• Utilizing the Augusta Loophole: This allows you to rent your home to your medical practice for fewer than 14 days a year to generate tax-free income while your practice takes it as a business tax deduction.

• Optimizing Your Business Structure: We help you choose the most tax-efficient business structure to minimize tax liabilities, optimize tax deductions, and utilize the tax advantages specific to your chosen business structure.

• Leveraging Real Estate Portfolios: We assist in leveraging real estate investments to create additional income streams offering valuable tax-saving strategies.

What We Do for Doctors

Our comprehensive tax planning services for doctors include:

• Personalized Consultations: We begin with an in-depth consultation to understand your financial goals, income streams, and practice structure.

• Deductions and Credits Optimization: We ensure you maximize all eligible tax deductions and credits, including the qualified business income (QBI) deduction.

• Leveraging Employee Benefits: We help you utilize tax-deductible employee benefits like healthcare coverage, retirement plans, educational assistance, and child care subsidies to lower your overall tax liability.

• Tax Compliance and Filing: We ensure your medical practice remains compliant with the latest tax laws and regulations, and handle all necessary filings.

• Capital Gains Management: We strategically manage your capital gains by timing asset sales and using strategies like tax-loss harvesting and Qualified Opportunity Funds to reduce your overall tax burden.

• Retirement Planning: We help you strategically tax plan to set up tax-deferred investment accounts like 401(k)s, SEP IRAs, and backdoor Roth IRAs to grow your savings while lowering taxable income.

• Quarterly Reviews and Adjustments: We track changes in your income and make adjustments to your estimated tax payments as necessary.

  Ongoing Tax Support

  Tax planning is an ongoing process. We work with you year-round, adjusting your strategy as tax laws change or your medical practice grows. Our goal is to keep your tax obligations low while ensuring compliance with IRS requirements, so you can focus on your medical practice without worrying about tax surprises.