Posts Tagged ‘tax deductions’
Maximizing Tax Deductions: How Doctors Can Write Off Business-Related Vacations in 2025
For busy medical professionals, finding time for both business development and relaxation can be challenging. However, with proper planning, doctors can combine business trips with leisure travel and legally deduct certain expenses on their 2025 U.S. tax return. While the IRS strictly prohibits writing off purely personal vacations, integrating business activities can make parts of…
Read MoreDoctors: Is Your Physician Group Causing You to Pay Higher Taxes in 2025?
Classifying doctors as employees can significantly increase their tax burden An increasing number of doctors are banding together to form medical “super groups,” and the benefits can be significant: economies of scale, greater leverage in negotiations with insurance companies and large hospitals, administrative support that leaves doctors free to focus on patient care, and a…
Read MoreTax Issues to Watch for 2022 and 2023 – Inflation Reduction Act and More
This year, inflation in the U.S. hit a four-decade high as prices hit a 9.1% increase compared to last year. As Americans try to navigate these tough times, it’s more important than ever to know any changes in tax policy that might arise. Tax laws like the Inflation Reduction Act are constantly evolving to help resolve…
Read MoreThe Importance of Year-End Tax Planning
Did you know that over $1 trillion is paid in individual income taxes every year? But, it can be difficult to know where to start when it comes to tax planning. The truth is, if you don’t start planning now, you’re going to have a lot of work to do in the next few weeks.…
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