Sacramento and Roseville Accountant / CPA for Neurological Practices
Cook CPA Group
Operating your own neurology practice and keeping track of all your tax liabilities can be a lot to handle. Tax regulations are frequently shifting, and with the implementation of the Tax Cuts and Jobs Act (TCJA), physicians have a whole new list of regulations to manage. However, it is important to understand the ways that the TCJA and other tax laws could benefit your practice. If you require accounting services for your neurological practice, contact an experienced Roseville accountant for neurological practices.
Cook CPA Group will work tirelessly to help you develop a tax strategy that is uniquely tailored to your medical practice. We understand the difficulty of staying up-to-date with new tax regulations, and we are prepared to work with you to address this issue. To schedule a free consultation to discuss your medical practice, contact Cook CPA Group at (916) 250-3851, or contact us online.
Accounting Tips for Neurologists
As the owner of a medical practice, you will have to make several decisions for the benefit of your patients and for your business. While you undoubtedly know what is best for your patients, it is understandable if you struggle with issues regarding complex tax and accounting procedures. Cook CPA Group is here to offer our services and provide you with tax and accounting tips that will benefit your neurological practice.
Selecting an Appropriate Business Structure
One of the first and most important decisions you will make regarding your business is selecting a business structure. Your business structure will not only determine how your business operates, but it will also affect how you are taxed. For example, if you organize your business as a partnership, the partnership will not owe taxes on income earned, but each partner will be liable for taxes on their personal income tax.
Whether you decide to establish your business as a partnership, limited liability company, corporation, or another type of legal entity, you should be aware of how that decision affects your medical practice.
Thorough recordkeeping is a valuable practice for every business owner. There are various types of information that a medical practice should keep track of:
- Gross receipts detailing business income
- Business expenses
- Business assets
- Employment taxes
These are just a few of the detailed records that you should keep for your medical practice. Compiling detailed records will make it easier once it is time to file taxes for your business.
Claim Available Deductions
A tax deduction will allow you to lower your tax liabilities by decreasing the amount of taxable income that you possess. As a physician, there are various deductions that you could take advantage of to avoid overpaying your taxes. For example, if you are still paying back student loans as a result of your higher education degree, this may be a useful deduction.
Contributions to charity is another deduction that many physicians use to not only support their favorite causes but also to decrease their tax liability. The TCJA increased the standard deduction amount for taxpayers, so now is a good time to consider donating to your favorite charity.
Knowing which deductions you can claim as a physician and as a business owner will help you retain a significant amount of your income. Cook CPA Group can help you determine which tax deductions you are eligible for and which deductions you can now receive as a result of the TCJA.
These are just a few useful tips that you should utilize as a physician and a business owner. To learn more about tax and accounting practices for your neurological practice, you should continue reading and speak with an experienced Northern California medical accountant.
Medical Accounting Services for Neurological Practices in California
The medical accountants at Cook CPA Group are prepared to provide you with a wide range of services. We understand the demanding position of operating your own medical practice, and we are here to alleviate the stress of dealing with taxes and other accounting-related issues. Cook CPA Group can help your medical practice with:
- Determining the impacts of the TCJA on your medical practice
- Strategic business planning
- The analyzation of financial records
- Financial statement audits
- Filing state and federal tax returns
- Examining internal controls for your medical practice
- Determining the best accounting method for your business
- Filing self-employment taxes
- Addressing concerns with a potential tax audit
These are just some of the accounting services offered by our firm. We are ready to listen to your accounting-related issues to help you seek a viable solution.
Sacramento and Roseville CPA for Neurological Medical Practices
If you require tax assistance for your medical practice, you should consult with an experienced California CPA for neurological practices. The accounting team at Cook CPA Group has decades of combined accounting experience, and we are prepared to use this knowledge to meet your tax planning needs. To schedule a free consultation regarding your medical practice, contact Cook CPA Group at (916) 250-3851, or contact us online.