Folsom, CA Accountant for Neurological Practices
Cook CPA Group
Neurologists with their own practices have a lot on their minds. On top of providing excellent care to a network of patients, neurologists with their own practices have to mind all of the aspects of their business, including accounting and finances. Neurology practices have to keep up with tax liabilities and changing tax regulations that can affect the financial dealings of their businesses, which can be a lot to handle.
Luckily, neurological practices in Folsom, CA, can use the help of the CPAs at Cook CPA Group. Cook CPA accounts can help you develop and implement a tax preparation method that is designed to meet the specific needs of your practice so you can focus on providing great care to your patients. Schedule a free consultation soon. Get in touch by calling (916) 250-3851 or by visiting us online.
Tax Law Changes Impacting Neurology Practices
The Tax Cuts and Jobs Act of 2017 introduced regulations that may impact the way neurologists run the financial aspects of their practices. Neurologists interested in the financial health of their businesses should understand the details of the newly implemented Tax Cuts and Jobs Act so that they can design a financial strategy that complies. Cook CPA accountants can help neurology practices adapt to the areas of tax law that may be affected by the Tax Cuts and Jobs Act, which include:
- Loss of deductions: Under the Tax Cuts and Jobs Act, state and local income tax deductions are capped at $10,000 for those filing joint taxes, which is a decrease from a prior deduction cap.
- Decreased tax liability: Anyone that earns a salary above $325,000 and is married with at least two children — which applies to many neurologists — is eligible to save thousands of dollars in taxes due to a decrease in tax liability as a result of the Tax Cuts and Jobs Act.
- Increase in estate tax threshold: Physicians that plan on leaving parts of their estates to inheritors should be aware of an increase in the tax threshold for estate taxes. Under the Tax Cuts and Jobs Act, the federal estate tax threshold has been increased to $22 million.
In light of these changes to the tax law as a result of the Tax Cuts and Jobs Act, there are certain actions and provisions that neurologists with their own practices should do to make sure that they are getting as much benefit as possible from the new tax codes.
Firstly, neurologists with their own practices should consider increasing their charitable donations or consolidating their deductions, which may increase their number of tax breaks. Neurologists, since they are technically self-employed, should also make sure that they take full account of their self-employment taxes, which must be paid manually.
Finally, neurologists whose children are in school can invest more in their 529 college savings fund; these savings funds can be used not only for a college education but for any schooling from kindergarten to 12th grade. Physicians and neurologists may be able to include tax deductions on specific types of contributions to their 529 college savings fund.
Neurological Practice Accounting Services
Cook CPA Group offers a range of services for neurology practices that need assistance paying their taxes and managing their finances. The accounting professionals at Cook CPA Group can help your neurology practice thrive by performing the following services.
If you consult with a Cook CPA accountant for tailored advice regarding your neurology practice, you can find areas of your practice where you can grow, minimize liabilities, streamline procedures, manage costs, reduce waste, and increase efficiency.
Selecting an Appropriate Business Structure
Deciding the type of business that your practice will be classified as is one of the most important decisions that an independent neurologist or physician can make. Whether you want your business to be classified as a sole proprietorship, general or limited partnership, limited liability company (LLC), or corporation/S-corporation, Cook CPA Group can help you make the best possible choice.
Recordkeeping is important for the health of a neurology practice since it helps taxes to be filed easily and efficiently. Keeping track of gross receipts of income, business expenses, assets, and employment taxes can be easily done with the help of the accountants at Cook CPA Group.
If your neurology practice receives a tax audit notice from the IRS, the accountants at Cook CPA Group can help you make sure that the audit goes smoothly by helping you produce the required documents for the IRS.
The Cook CPA Group can also help your neurology practice with any accounting service it may need. We can help practices plan their businesses strategically, file self-employment taxes, examine internal controls of their practice, analyze financial records, and file state and federal tax returns.
Folsom, CA CPA for Neurology Medical Practices
If you are a neurologist that is operating your own practice in the Folsom, CA area, don’t hesitate to reach out to the accountants at the Cook CPA Group for assistance with all of your accounting needs. Cook CPA accountants have extensive accounting experience and are prepared to put it to use for the benefit of your practice. Get in touch with us as soon as possible. Contact us online or call our offices at (916) 250-3851.