I take a deep dive into your tax situation to provide the optimal tax setup. I cover four major areas –
1. Deduction Check – I review prior year returns and discuss your situation with you to be sure we’re accounting for every deduction you’re already eligible for. Some common ones people miss are home office, mileage, and depreciation.
2. LLC / S-corporation / Sole Proprietor / C-corporation Selection – As a self-employed physician you have some choices to make regarding which entity type to use. I optimize this choice by considering employment taxes, the Qualified Business Income Deduction, the administrative costs of each, and your other sources of income.
3. Retirement Plan Optimization – I determine the break even points of making pre or post tax deductions while taking into account your marginal tax rate and the effect of the Qualified Business Income Deduction. If we decide to set up a new plan I help you through the process.
4. Tax Favored Investments – We review the tax benefits of investing in various tax favored investments like Opportunity Funds, oil & gas, and real estate. You pick the investment and I advise on the tax effect.
In addition to these four areas I also review your situation for general tax planning opportunities like how to qualify for the principle residence exclusion on a former home, charitable giving, and rental real estate transactions.
Many doctors prefer to outsource their tax preparation rather than spend the time learning all the ins and outs of the tax code and forms. I provide a seamless tax preparation process that will give you peace of mind it’s being done right.
A check-up near the end of the year to make sure you’re on track for estimated payments and withholding. We also identify any last minute planning opportunities. This helps avoid a surprise tax bill and minimizes IRS penalties.