January 7, 2020
tax planning for doctors

Ready to open a practice

Dr. John is an orthopaedic surgeon employed by a hospital (W-2 earner), who came to us seeking advice on opening his own practice. He wasn’t sure about his optimal entity structure (single-member LLC, S-Corp, C-Corp), and how to maximize all the tax breaks available to him as a future business owner. He also wanted to...
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Reduce tax liability

Three practices in two states

Dr. Mike is a dentist who owns 3 dental practices across 2 states. He came to us for help reducing his taxes and organizing his QuickBooks file, as it hadn’t been maintained properly. We were able to “clean up” his accounting and, in the process, discovered that his previous year’s tax returns had not been...
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how to save in taxes

Increasing deductions

Dr. Allison is a self-employed nephrologist, a minority partner in a dialysis clinic, and owns two rental properties. She was unhappy that despite paying taxes quarterly, she still owed the IRS additional funds at the end of the year. When she came to us, she was only deducting car mileage, travel and license-related expenses. We...
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tax planning for physicians

The W-2 earner

Dr. Jane is a surgeon employed by a large hospital in a major city. Her work keeps her very busy and she has only one day off a week. All her income is on a W-2. She was upset by the fact that a major chunk of her paycheck goes to “Uncle Sam”. Although she’s...
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