Taxes
Tax Planning 101: Business Deductions for Doctors
Tax Planning for Doctors Deductions are an important part of tax planning and running a business for doctors. Tax deductions reduce the amount of income that is subject to taxation, thereby reducing the overall amount of taxes owed. Doctors can take advantage of a variety of tax deductions to lower their taxable income, which can…
Read MoreFinancial Health for Physicians: The Benefits of Accounting for Physicians
Even though physicians typically fall into a higher income bracket than many other occupations, not all physicians experience financial security. This is especially true for physicians working as independent contractors or with their own medical practice. Paying off student loans, costly professional expenses, and managing large amounts of money can make good financial health for…
Read MoreRetirement Planning for Individuals
In 2022, it was found that 49% of people between the ages of 49 and 56 were not prepared for retirement. They didn’t have the right savings, investments, or sources of income to get them there. This can be an extremely scary thing. The last thing you want around that age is to be unprepared.…
Read MoreThe Pros and Cons of Being a 1099 Contractor vs. a W-2 Employee
The ability to choose how work is classified by a professional can be highly beneficial for a number of positions and industries. Though many hiring managers and recruiters are accustomed to working with W-2 employees, this option isn’t always the best when it comes to healthcare. Physicians and other high-income professionals have been discovering the…
Read MoreTax 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…
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