Tax-Saving Ideas You Can Do Now
Don’t Let Another April 15th Be Rainy for You: 4 Tax-Saving Ideas You Can Do Now
David B. Mandell, JD, MBA; Jason M. O’Dell, CWM; Carole Foos, CPA
As a physician, do you realize that – between income, capital gains, Medicare, self-employment and other taxes, you spend 40 to 50% of your working hours laboring for the IRS and your state? That is a lot of time with patients for someone else’s benefit. Given the significance of this fact, shouldn’t your advisors be giving you creative ways to legally reduce your tax liabilities? How many tax-reducing ideas does your CPA regularly provide you? If you are like most physicians, you probably get very few tax planning ideas from your advisors.
Given these sobering facts, the purpose of this article is to show you five ways to potentially save and possibly motivate you to investigate these planning concepts now, before the end of the year. Let’s examine them now: (more…)
