New Tax Law Archives - Page 3 of 5 - Physician Tax Solutions

Maximize Your Qualified Business Income Deduction

November 5, 2020

PTS-Webinar-2020-Max-Qualified-Business-Income-Deduction

Maximize Your Qualified Business Income Deduction: Tax Tips for 1099 Doctors For 1099 doctors, effectively managing taxes is essential to maintaining financial health. One powerful opportunity to consider is maximizing your Qualified Business Income (QBI) deduction, which is designed to help self-employed individuals reduce their taxable income. Understanding and leveraging this deduction could lead…

Year-End Tax Strategies for Physicians

October 29, 2020

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Physician Tax Solutions’ October Tax-Saving Tips

October 14, 2020

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.