Taxes
Tax 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.…
Read MoreHow Inflation Affects Your Taxes
In 2022, Americans saw the biggest increase since 1981 in inflation, a whopping 9.1%. This is a pain that’s felt by every citizen across the country, from the groceries they buy to the gas they put into their cars. However, these everyday purchases aren’t the only places that Americans will feel the effects of inflation. Inflation…
Read MoreIRS Tax Audit: Everything You Need to Know and Signs You Might Be Audited
The Inflation Reduction Act of 2022 will increase the IRS’ budget by $80 million over 10 years. What does that mean for you? In short, it gives the IRS the funding for personnel to conduct more tax audits. That means if you’re already at risk of an audit, the chance of you getting one in the…
Read MoreThe Ultimate Guide to Owning a Short-Term Rental
If you’re considering investing in real estate, you’re not alone. Most millionaires still agree that real estate is the best investment you can make today, and for good reason. However, out of all your rental options, short-term rentals have made quite a name for themselves in recent years. That’s because, with the right tools, you…
Read MoreCryptocurrency 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.
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