KEEP MORE OF WHAT YOU EARN

This doximity article is all about how physicians can make the tax laws work for them and what the underlying strategy is regarding proactive tax work.

Dr. Kaufman is available for Keynote speaking engagements about taxes and finances for physicians. Please email contact him at: noah@physiciantaxsolutions.com for more information.

STOP BEING AFRAID OF AN IRS AUDIT

This article appeared on KevinMD.com and is a good close look at the IRS audit process and why it pays to document, have a strong team in your corner, and get proactive tax help over doing the default with your typical tax-preparer.

Dr. Kaufman is available for Keynote speaking engagements about taxes and finances for physicians. Please email contact him at: noah@physiciantaxsolutions.com for more information.

TAX TIPS FOR PHYSICIANS

Dr. Kaufman has joined forces with doximity.com to bring value to physicians through ongoing financial education. Have questions about your taxes or ready to save more on your largest yearly expense? Contact our founder today at noah@physiciantaxsolutions.com for a free consultation.

THE MOST TAX EXPENSIVE MISTAKES THAT PHYSICIANS MAKE

This article appeared on doximity.com and is about the biggest mistakes that physicians & entrepreneurs make on taxes is failing to plan and failing to have a professional team to work with to save dramatically on taxes.

Dr. Kaufman is available for Keynote speaking engagements about taxes and finances for physicians. Please email contact him at: noah@physiciantaxsolutions.com for more information.

Physician Tax Solutions plan ahead

Deductions  

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Noah T. Kaufman, MD
(@tax-solver)
Co-Founder Admin
Joined: 5 months ago
Posts: 3
03/02/2019 3:53 am  

What are your favorite business deductions? Here are some of mine:

  • Rent your home to your business for up to 14 days to earn both di minimis income for you personally that does not get taxed, and a great deduction for your business!
  • Hire your children (safely over 7) for a $12,000 deduction. Make sure you have a good job description, employment agreement and company resolution and PUT THOSE KIDS TO WORK for your business. (They don't pay taxes on the $12k and your business gets a nice deduction. You can pay them in "room & board" or, you could give them money and open a Roth IRA for them for a tax free in/tax free out retirement plan that gan grow massively from a young age!
  • Defined benefit plan (49% can go to insurance legally. This is a "hot topic" and makes some famous blogger's blood boil.
  • Restricted Property Trusts
  • Home Office related
  • Driving to/from work (ie. home)
  • Business meals and entertainment (careful here)
  • REAL ESTATE (Depreciation is a magical deduction that can offset your passive gains!)

There are so many more!

Noah T. Kaufman, MD | Physician Tax Solutions | President & Co-founder
noah@physiciantaxsolutions.com | (970) 515-7905 | Keep More of What You Earn


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