Posts Tagged ‘s corporation for physicians’
Solo 401(k) vs SEP-IRA vs Defined Benefit Plans: Which Retirement Setup Wins for Physician S Corps
In a Nutshell If you’re a physician running an S corp with both W-2 hospital income and 1099 side work, your retirement plan choice can shift your tax bill by tens of thousands of dollars a year. A Solo 401(k) usually beats a SEP-IRA for physician S corps because it lets you contribute more on…
Read MoreHow to Determine a “Reasonable Salary” as a Physician S Corp Owner
In a Nutshell The IRS requires you to pay yourself a fair salary before taking distributions from your S Corp. “Reasonable” means what another physician with your specialty, experience, and workload would earn doing the same job. Pay yourself too little, and the IRS can reclassify your distributions as wages, plus add penalties and back…
Read MoreThe Basics of S Corps for Business Owners: A Physician’s Beginner Guide
In a nutshell: If you’re a physician running your own practice or doing locum work, an S Corp can lower your self-employment tax bill by splitting your income into a “reasonable salary” plus distributions. You only pay payroll taxes on the salary portion. It’s not magic, and it’s not for everyone, but for high-earning doctors,…
Read MoreHow to Reduce Taxes on Physician Side Income
You can earn a strong income as a physician and still feel like taxes are taking too much. That is especially true when side income enters the picture. Maybe you have a W-2 job and pick up telemedicine shifts. Maybe you do locum tenens work. Maybe you consult, review charts, serve as a medical director,…
Read More1099 Physician Income: When an LLC Is Enough and When an S Corp Helps
If you earn 1099 physician income, you have probably asked this question at least once: Should I stay simple with an LLC, or should I elect S corp status? It is a fair question. A lot of doctors start with a side gig that feels small. Maybe it is a few telemedicine shifts. Maybe it…
Read MoreDo S Corps Get a 1099? S Corp 1099 Rules Explained
If you run an S corporation, or you pay one, this question comes up a lot. Do S corps get a 1099? The short answer is usually no. But not always. That is where people get tripped up. I have seen this confuse physicians with side income, practice owners, and even bookkeepers who handle vendor…
Read MoreCME Travel Deductions for Doctors: What Counts and What Does Not
You go to a CME conference. You sit through sessions all day. You pay for the flight, hotel, rideshare, meals, maybe even the registration fee months earlier. Then the question shows up. Can you deduct it? A lot of doctors assume the answer is simple. It is not. Some CME travel costs count. Some do…
Read MoreHow Tax Advisors Help Investors Keep More of Their Returns
You can make a solid return in the market and still feel a little annoyed at tax time. That part catches people off guard. You look at your brokerage statement, see gains, dividends, maybe a few distributions, and think things went well. Then your tax bill shows up and takes a bite out of the…
Read MoreCan Practice Owners Deduct Travel While Exploring Expansion Opportunities?
If you own a medical practice, this question comes up fast. You fly out to another city. You tour office space. You meet a broker. Maybe you talk with a hospital group, a local attorney, or a lender. You eat dinner after a long day and think, this trip was clearly about the business. So…
Read MoreIRS Audit Risk After a Home Sale: Why Documentation and Reporting Matter
Selling a home feels final when the wire hits your account. The boxes are gone. The keys are handed over. You move on. Then tax season shows up, and a lot of people make the same mistake. They assume that if the sale was mostly or fully tax-free, there is nothing left to do. That…
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