Tax tips
Cryptocurrency Has Unique Rules When It Comes to Income Taxes
So far in the gaining popularity of cryptocurrencies, we’ve only heard from the IRS in 2014 and 2019 on how crypto impacts your taxes. Throughout the history of crypto, the IRS has marked virtual currency as property. Because of this unique designation, cryptocurrencies are subject to capital gains taxes. For the Beginners – What is…
Read MoreWhy I wrote my new book – The Richest Doctor: A Modern Parable of Financial Independence
Today, April 18th is a big day in our world. First, it’s tax deadline day. Secondly, it’s the release date for my new book, The Richest Doctor. For the entire time Provident CPAs and Physician Tax Solutions has been in business, we’ve been helping physicians and high-income professionals keep more of their hard-earned money…
Read MoreHow Doctors Can Create a Tax-Free Retirement, Part II
Tax planning for retirement? These strategies will help you create a tax-free plan for your medical practice.
Read MorePhysicians: How to Create a Tax-Free Retirement, Part I
Tax law is complicated and always seems to be changing. When you’re a doctor planning for a tax-free retirement, consider the history of tax rates and weigh your savings options.
Read MoreHow Multi-Physician Practices Can Minimize Their Taxes
Are you part of a multi-physician practice? Key tax planning considerations include business structure, retirement planning & succession planning. Here’s how to focus on these areas.
Read MoreHow to Maximize the Qualified Business Income Deduction as a Physician
The qualified business income (QBI) deduction represents potentially significant tax savings for your business. Learn whether you qualify and how to maximize this deduction.
Read MorePhysician Tax Solutions’ October Tax-Saving Tips
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.
Read MoreRetirement Plans for Self-Employed Physicians – Part I
When you’re on your own, it’s a challenge to know which retirement plan is right for you. Learn the essentials to maximize contributions and minimize taxes.
Read MoreMaking the Most of Business Meals and Travel Deductions
Tax law is always changing, so it’s important to stay up-to-date. Here’s how to make the most of your deductions related to business meals, entertainment, and travel.
Read MoreRenting Your Home to Your Business and Other Tax Breaks
Renting your home to your business is one way to avoid paying rental income tax. Learn about other home-related tax credits when you’re a business owner.
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