Taxes
How Multi-Physician Practices Can Minimize Their Taxes
Are you part of a multi-physician practice? Key tax planning considerations include business structure, retirement planning & succession planning. Here’s how to focus on these areas.
Read MoreHow to Maximize the Qualified Business Income Deduction as a Physician
The qualified business income (QBI) deduction represents potentially significant tax savings for your business. Learn whether you qualify and how to maximize this deduction.
Read MorePhysician 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.
Read MoreRetirement Plans for Self-Employed Physicians – Part I
When you’re on your own, it’s a challenge to know which retirement plan is right for you. Learn the essentials to maximize contributions and minimize taxes.
Read MoreMaking the Most of Business Meals and Travel Deductions
Tax law is always changing, so it’s important to stay up-to-date. Here’s how to make the most of your deductions related to business meals, entertainment, and travel.
Read MoreRenting Your Home to Your Business and Other Tax Breaks
Renting your home to your business is one way to avoid paying rental income tax. Learn about other home-related tax credits when you’re a business owner.
Read MoreThe Latest Rules on PPP Loan Forgiveness and EIDL
Learn the criteria for forgivable loans under the Paycheck Protection Program, how to file applications and claims, and the terms of Economic Injury Disaster Loans.
Read MoreThe Benefits of an S Corporation for Physicians
Forming the right business entity is the first step in ensuring your medical practice is successful. Learn the benefits of an S corporation and the deductions you should leverage.
Read MoreTax-Free Fringe Benefits: How to Make the Most of a C Corporation
The formation of a C corporation brings many benefits to owners, and tax-free fringe benefits can save employees a lot of money. Learn the types of benefits that apply.
Read More6 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: