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As the stress of end-of-the-year tax preparation approaches, and you might have to take more time away from work to do it, try to get all your ducks in a row for the new year. A physician needs to have the essential accounting in order by December 31, which helps you prepare for your formal tax filing in the spring. The best way to accomplish this, especially given your many other obligations in your profession and home life, is to hire a physician tax advisor to sort your year end tax planning needs.
Why You Need a Tax Advisor
Tax prep is essential for a well-run business, but when you’re a busy professional, you probably don’t have the time to learn the tax filing process. Tax advisors help to limit the stress on you, because they know the ins and outs of the process. Unfortunately, tax filings are a process and demand time and preparation, which can not typically be accomplished in one meeting.
By starting your tax prep before the end of the year, you will find it easier to keep your finances organized and separate from year to year.
Information That Will Help Your Tax Advisor
Taxes are an all-inclusive experience to organize, and require foresight and planning at the beginning of, throughout, and toward the end of each year. Besides payroll, invoicing, and receipts, you will have to draw up adequate paperwork throughout the year, whenever you hire a new employee, assess your deductibles and investments, and during payments on your student loan(s). That’s a lot to remember, so a tax advisor can assist you and ensure you don’t forget anything vital.
Get Ahead of the Curb on Your Taxes, Hire an Accountant to Consult with Throughout the Year!
Health Care Accountants
The Importance of Financial Maintenance Throughout the Year
Simply meeting with an accountant during the tax season is a good move, but it can also be to your disadvantage. Your tax advisor wouldn’t be able to spot your pitfalls and errors throughout the year, so those might be prevented and corrected before your filing.
If you meet with a healthcare accountant on a quarterly to monthly basis, they will be able to identify adjustments that could be made, and ensure that all the necessary documentation is collected to support a more seamless tax season and year.
Begin the Year Right
Tax preparation isn’t an activity that should happen only at the end of the season. When you meet with your tax advisor at the beginning of your taxable year, you can review the previous filing, and make plans on which aspects of your business to pursue or avoid.
Advanced Tax Planning for Medical Professionals
As a professional, and quite often a business owner, you must remember to keep your personal and professional accounts separate. If you consult a health care accountant, that person will know the best common practices, tips, and strategies to maximize your returns, credits, and deductibles.
Best Business Practices
Advanced tax planning for medical professionals is an important part of your operation. A financial expert will have the tools and knowledge to put you on the right path financially.
From paying your child tax-free money, to investing into Roth IRAs, backdoor Roth IRAs, HSAs, and profit-sharing plans, to filing your business as the most appropriate type of corporation, your accountant will have your back.
Investment Guidance
As your business grows, investing becomes an essential part of cultivating and strengthening it, as well as limiting your taxable income and gains. A well-educated and experienced accountant will be able to guide you in your business decisions to create and retain the wealth you generate.
By hiring an accountant, you will be able to begin a goal towards building your wealth in a way that will not only benefit you, but your family and employees as well. Find an accountant for all your needs today; it is never too late.
Disclosure: This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
Advisory Services Network, LLC does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. You should always consult your own legal or tax professional for information concerning your individual situation.
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