Physician Tax Solutions’ October Tax-Saving Tips

If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of the tax.

An Overview of the Home Office Deduction for Doctors

The home office deduction can provide significant tax benefits for self-employed physicians. But being aware of the right way to go about claiming it is essential to maximize this tax benefit for your specific situation.

6 TIPS FOR FINDING THE TAX ADVISOR WHO CAN HELP YOU ACHIEVE YOUR FINANCIAL DREAMS

Smart tax decisions can often save business owners millions of dollars over a lifetime. And that makes partnering with an exceptional tax advisor one of the most important steps you can take to protect and grow your wealth. And, depending on the structure of your business, you may not have to pay any payroll taxes either. The companies that fall into this category are sole proprietorships, LLCs taxed as disregarded entities, and LLCs taxed as partnerships and owned by you solely. This does not apply to corporations, however, though they may be able to do something about that:

THE 8 BIGGEST ASSET PROTECTION MISTAKES DOCTORS MAKE

In today’s litigious society, getting sued is not uncommon – especially for doctors. One in three physicians has a medical liability lawsuit filed against them during their careers, a proportion that goes up as a physician gets older.

THE TAX BENEFITS OF PUTTING YOUR KIDS ON YOUR PAYROLL

If you run a business and can find legitimate work for your kids who are under age 18, you can pay them up to $12,000 per year and they won’t have to pay any income tax. The benefit for you is that you will not have to worry about worker’s comp or unemployment insurance. And, depending on the structure of your business, you may not have to pay any payroll taxes either. The companies that fall into this category are sole proprietorships, LLCs taxed as disregarded entities, and LLCs taxed as partnerships and owned by you solely. This does not apply to corporations, however, though they may be able to do something about that: