Posts Tagged ‘tax advisor for physicians’
Sold Nvidia, Apple, or Tesla Stock? Don’t Forget the Tax Bill
In a Nutshell If you sold shares of Nvidia, Apple, or Tesla and walked away with a profit, the IRS wants a piece. Here is the short version: Selling stock for a gain triggers a tax bill, even if you reinvest the money. Short-term gains (held one year or less) are taxed at your regular…
Read MoreBest Tax Preparation Services for Physicians With Multiple Income Sources
In a Nutshell Physician tax preparation services aren’t just regular tax help with a fancy label. If you’re a doctor juggling a W-2 hospital job, some 1099 locum shifts, maybe a side telehealth gig, and a rental property or two, your taxes are not “regular person” taxes anymore. You need a specialist. The best tax…
Read MoreS Corp vs Professional Corporation (PC) vs PLLC: What Physicians Need to Know
In a Nutshell Picking the right business structure as a physician isn’t just paperwork. It directly affects how much tax you pay, how protected your personal assets are, and whether your state will even let you operate the way you want. Here’s the short version: A Professional Corporation (PC) is a formal corporate structure that…
Read MoreThe Accountable Plan Setup for Physician Practices: A Step-by-Step Guide
In a Nutshell An accountable plan is a written, board-approved policy that lets your practice reimburse you for legitimate business expenses you paid personally, tax-free. It works best for physicians running an S-corp or PLLC taxed as an S-corp, where you wear two hats: owner and W-2 employee. Done right, it can quietly move thousands…
Read MoreHow to Pay the IRS Online Without Making Costly Mistakes
In a Nutshell Paying the IRS online is faster, safer, and (mostly) free, but high-earning physicians make expensive errors all the time. The big ones? Missing quarterly deadlines, picking the wrong payment method, and forgetting that estimated taxes are a year-round game. Here’s what you need to know: The IRS now requires electronic payments for…
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 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 MoreBest Write-Offs for 1099 Side Income: What You Can Actually Deduct
If you are a doctor earning 1099 side income, tax deductions can get confusing fast. Your W-2 paycheck may feel simple. Taxes come out before you see the money. Your employer handles withholding. You receive a W-2 at year-end. 1099 income works differently. You may get paid for telemedicine, locum tenens work, consulting, chart reviews,…
Read MoreW-2 and 1099 Tax Planning for Doctors: How to Handle Multiple Income Streams Without Overpaying
“Wait, how do I owe that much?” Dr. Patel looked up from her laptop and pushed it across the kitchen island. “I already had taxes taken out from my hospital paycheck,” she said. “So why does my CPA keep talking about quarterly payments?” Her friend, Dr. Nguyen, laughed a little. Not because it was funny,…
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