Enhance Your Finances: Top 3 Reasons for Physicians

When you dedicate yourself to the world of medicine and saving lives, handling your taxes might not be your top priority. Between long hours at work, seeing patients, and completing paperwork, there's not always a lot of time for tax planning. However, if you're not proactive about your taxes, you could be leaving money on the table. 

This blog post will discuss why physicians should do tax planning and how hiring a professional tax preparer helps.

With Tax Planning & Preparing You Can…

Take Advantage Of Your Employer-Sponsored Retirement Plan 

Most physicians tend to miss the opportunity to lower their taxable income and get extra cash because they fail to maximize their contributions to employer-sponsored retirement programs.

A medical accounting advisor will be able to help you maximize your contributions to more than one plan or adjust the amount according to your income to save on taxes and bolster your retirement savings.

Take Advantage Of HSA Benefits

Using a Health Savings Account (HSA) is a smart move that provides multiple tax perks. This is available to any doctor with an active high deductible health insurance plan. Qualifying for HSA allows physicians to:

• Tax-deductible contributions
• Perform tax-free withdrawals for qualifying medical expenses
• Grow your funds with tax-free interests

A professional account can help physicians identify highly effective tax reduction tools and strategies such as HSA and stop you from paying unnecessary taxes on money for healthcare expenses.

Reduce Taxable Incomes By Making Philanthropic Donations

Most physicians know that they can get incentives for making charitable donations, but the challenge lies in tracking your progress. Tracking how much you give and when is crucial if you want to take advantage of these tax benefits.

If you decide to itemize your deductions, it's critical to keep good records of your charitable contributions. To be deductible, your contribution must go to an authorized non-profit organization with a purpose that is charitable, religious, or educational. 

A medical accounting advisor can help you keep track of all your donations so that you can present them to the IRS and take full advantage of your deduction.

Avoid Tax Errors & Take Advantage Of Multiple Benefits

Roberts Accounting is the perfect firm for physicians seeking tax planning and saving strategies. With years of experience working with medical businesses in Los Angeles, CA, we have a deep understanding of the complex tax laws that affect those in the healthcare industry. 

We will help you avoid tax fraud and errors and improve the benefits you get from your contributions and even earn some extra cash with our effective tax-saving strategies. Contact our tax preparers today to get started on developing a plan that will save you time and money this year and into the future.