Archive: medical practice

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Should your Medical Practice be a “C” Corporation?

The 2017 Tax Cuts and Jobs Act created the Internal Revenue Code (IRC) 199A, which provides for a maximum of 20% deduction of business profits for sole practitioners and pass-through entities and drops the corporate income tax rate to a flat 21%—a dramatic decrease from 35% previously. For specified service trade or businesses, which includes […]

Fighting Fraud Losses with Internal Controls

Most medical practitioners would describe the focus of their practice as providing quality medical care to their patients. For many small office practices, patient care is the main focus of the physician’s activities, relying on the office staff to handle all the details of day-to-day business operations. The small office environment may have a close […]

Self-Rentals

Tired of paying someone else rent for your medical practice office? Thinking of purchasing your own office space? Purchasing could be a wise investment decision depending on the real estate market in your area. Looking for a tax write-off? Renting office space back to your practice may not work as well as you think. For […]

Lowering Tax Liability for Medical Professionals

Many medical professionals earn salaries that push them into higher tax brackets and are unable to take advantage of certain deductions and credits available to low-income taxpayers. Whether you are an employee or self-employed there are still viable options for lowering your tax liability. Below are a few of the deductions, credits, and strategies that […]

How Does the New Tax Law Affect Your Practice?

No doubt, you have heard that there is a 20% deduction for business income. But, as with anything tax, the devil is in the details. First let’s review some common definitions: Taxable income for this purpose is defined as the net income shown on the form 1040 after all deductions, minus any long-term capital gain […]

Nexus—The Unseen Cause of State Tax Headaches

Recently, one of our medical practice clients received a notice from the Minnesota Department of Revenue notifying them of the requirement to file corporation tax return. But their medical practice is located in Washington D.C.—how could this happen? Was Minnesota dazed and confused? Actually, no—activity at a conference in Minneapolis triggered the notice. It’s a […]

How Do You Compare to the Average Doctor Salary?

According to Medscape’s 2017 Physician Compensation survey, the average doctor salary for 2017 is $294,000, a $15,000 increase compared to 2016. This amount, drawn from the responses of 19,270 currently practicing physicians, includes cash compensation and retirement plan benefits, excluding fringe benefits. Medscape’s annual survey looks at the average salaries of doctors with a broad […]

Boost Your Medical Practice Profitability – The Benefits of Direct Care

Over the past few years, medical practices have been feeling the squeeze of lower insurance reimbursements and the burdensome of administrative compliance to chase those dollars. Direct care, or retainer-based medicine, is an emerging and alternative way for doctors to serve their patients. Under direct care, a medical practice provides services in a manner that […]