Roseville + Sacramento Accountant / CPA for Surgical Groups
Cook CPA Group
Operating a surgical practice is an endeavor that will require your undivided attention. However, it is also important to recognize how new and shifting tax regulations can affect the tax liability for you and your practice. If you require accounting services for your surgical group, you should contact an experienced Roseville accountant for surgical groups.
At Cook CPA Group, we are dedicated to providing you with the accounting services that you need to manage your business. We understand the difficulty of staying abreast of tax law regulations and changes, and we are here to work with you. To schedule a free consultation to discuss your tax situation, contact Cook CPA Group at (916) 259-5289, or contact us online.
Tax Planning Services and Tips for Surgeons in California
Tax preparation and planning is vital for all taxpayers, whether they are self-employed or not. As a result, you should be aware of any tax regulations that can help you operate your business more efficiently while lowering your taxable income. The following is a list of tax planning tips for surgeons and their practices.
Claim Your Business Deductions
A tax deduction allows a taxpayer to lower their adjusted gross income in order to lower their actual taxable income. As a partner in a medical practice, you are considered self-employed for tax purposes. As a self-employed surgeon, there are several tax deductions that you can use to lower your tax liability:
- Board examination fees
- Medical equipment
- Travel expenses related to work, which includes food and lodging expenses
- Work-related clothing (lab coats, scrubs, footwear)
- Automobile expenses that are not related to a commute to work
- Office supplies
- Malpractice insurance
- Payroll taxes
These are just a few deductions that are available to physicians; our firm can help you determine which tax deductions that you can claim. You should also ensure that you have kept thorough records to support any tax deductions you wish to claim.
Physicians that operate their own practice are subject to self-employment taxes. Doctors that receive a W-2 because a hospital or practice employ them will have Social Security and Medicare taxes automatically removed from their paycheck. As a self-employed doctor, you will have to calculate your rate of self-employment taxes manually.
It is important to manage your self-employment taxes because they could have a substantial impact on your tax liability and your business. For example, the Internal Revenue Service could withhold your refund if you fail to file your self-employment taxes. Under other circumstances, the IRS may move to file a substitute return in your name. This should be avoided as the IRS will not utilize any tax deductions or credits that you are eligible for.
Employing the use of retirement accounts to defer taxes is another opportunity for physicians to lower their tax liability and save money for retirement. Many physicians are not aware that placing money in a tax-deferred account can lower their taxable income. Additionally, as a self-employed doctor, you can transfer a significant portion of your salary that will be deducted from your income depending on the retirement account you selected.
Our accountants can work with you to determine which type of retirement account would meet your specific needs.
Making a charitable donation to your favorite organizations or even offering your services free of charge can be used as a tax deduction. If you intend on making multiple donations across the course of the year, you should keep thorough records that identify how much money you donated. If you donated a certain type of asset, you should keep track of the fair market value of the item you donated.
There are several other tax tips that a self-employed surgeon can utilize. At Cook CPA Group, we will work with you to assess the financial goals for your business and the best way to achieve those goals. In addition to tax preparation and planning, our firm offers the following financial services:
- Business consulting
- Estate planning
- Financial statement audits
- Internal control audits
- Strategic business planning
- Small business accounting
- Tax audits
We pride ourselves on servicing businesses in our community, and we are ready to work with you today.
Work with Our Experienced Roseville + Sacramento CPAs for Surgical Groups
If your surgical group has a need for accounting services, consult with an experienced Sacramento CPA for surgical groups. The accounting team at Cook CPA Group has decades of combined experience, and we are prepared to use that experience to benefit you and your business. We will work tirelessly to ensure that you receive the accounting service you deserve. To schedule a free consultation to discuss your tax liability, contact Cook CPA Group at (916) 259-5289, or contact us online.