Jason Wein’s Post

🩺 Doctors, let us take the stress out of your accounts and tax returns! 🩺 At DoctorTax, we understand that your time is precious. Between caring for patients, managing a busy practice, and staying up-to-date with the latest medical advancements, the last thing you need to worry about is accounting and tax returns. 👉 What are the common pain points we help doctors solve? Time Constraints ⏳: Your days are packed with appointments, leaving little time to sort through financial paperwork. Complex Tax Rules 📑: Navigating the intricacies of tax regulations, particularly with locum work, NHS pension contributions, and private practice income, can be daunting. Uncertainty Over Deductions 💼: Are you claiming all the deductions you're entitled to? From professional fees to CPD expenses, it's easy to overlook these savings. Avoiding Penalties 🚫: Late filings or inaccurate returns can result in hefty fines, and nobody needs that added stress! 🔹 How DoctorTax Can Help: Expert Tax Guidance: We specialize in helping doctors make sense of complex tax rules, ensuring you're fully compliant and maximizing your return. Tailored Accounting Solutions: Whether you’re a GP, consultant, or locum, we provide a service that fits your unique financial situation. Stress-Free Submissions: We'll handle everything, so you can focus on your patients while we take care of your finances. Year-Round Support: More than just tax returns, we're here to support you with financial planning, pension guidance, and more. 📲 Ready to let DoctorTax take the pain out of your accounts? Contact us today for a consultation! #DoctorTax #TaxForDoctors #AccountancyForDoctors #TaxReturns #FinancialHealth #HealthcareProfessionals #GP #Consultants #Doctors #LocumTax

Two types of accounts can help you pay for medical costs and have tax benefits, but there are pros and cons to each. Understand your options: 𝐅𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐒𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 (𝐅𝐒𝐀):   - Only available through Employers - Non-portable; accounts can't be moved if switching jobs - "Use it or Lose it" deadlines - Funds set aside pretax 𝐇𝐞𝐚𝐥𝐭𝐡 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 (𝐇𝐒𝐀):  - Available through employer or outside, but only available when paired with certain health plans with high deductibles - Higher contribution limits, no spending deadlines - Portable; accounts move with employee - Funds set aside pretax, interest & investment gains are tax free if money is spent on eligible medical care #EmployeeBenefits #EmployeeWellbeing

As open enrollment gets closer, remember to check for ACA compliance. The IRS recently updated what is considered affordable: for 2025, the affordability has changed to 9.02% of compensation (it was 8.39% in 2024). If you have questions or need help, let us know.

As a private practice owner, you're dedicated to providing top-notch care, but are you maximizing your tax savings? Check out these 6 essential tax deductions that could save you a bundle 👇 1. Home Office Deduction If you use a part of your home exclusively for business, you can deduct related expenses. Calculate the percentage of your home used for your practice. Apply this to expenses like mortgage interest, utilities, and maintenance. 2. Medical Supplies and Equipment Deduct the cost of medical supplies, equipment, and software necessary for running your practice. Keep receipts and records of all purchases. These expenses are fully deductible. 3. Continuing Education Costs for courses, workshops, and certifications related to your field can be deducted. Include tuition, travel, and materials. Ensure the education maintains or improves your skills. 4. Business Travel and Meals Deduct expenses for travel, lodging, and meals when attending conferences or visiting patients. Keep detailed records of your trips. Note that only 50% of meal costs are deductible. 5. Professional Fees and Dues Membership fees for professional organizations and subscriptions to medical journals are deductible. Track annual fees and dues, as well as any related expenses. 6. Employee Salaries and Benefits Wages, benefits, and bonuses paid to employees are deductible. Maintain accurate payroll records and ensure all payments are documented. Maximizing these deductions can significantly lighten your tax load, giving you more to invest in your practice's growth. If you’re ready to start leveraging these tax deductions today and watch your savings grow. Check out our FREE Seminar: “Transition to Private Practice/Hybrid” where we’ll cover everything from setting up your practice and negotiating contracts to navigating the financial complexities of running your own business. BOOK A FREE SPOT NOW! https://lnkd.in/dftPT6Ky Spread the word and share this link with others who could gain from it. #primefinancials #medicalprofessionals #careertransition #financialplanning #doctor #healthcare #finance #personalfinance #seminar

Medicare Annual Enrollment is open! Whether you’re signing up for the first time or a current Medicare recipient, making the wrong choices can cost you thousands... especially in light of the new Medicare legislation. Download this FREE guide that breaks down the decisions you’ll need to make.

👩⚕️ Having dedicated decades to refining my medical expertise, the journey of earning those letters after my name has been a testament to perseverance and a profound passion for healthcare. Now, as a seasoned physician, safeguarding this hard-earned asset has become my top priority. 💼 Establishing a corporation is pivotal for protecting professional interests. Personal Liability Companies (PLLCs) offer flexibility, providing individual liability protection within a collaborative structure. Professional Corporations (PCs) grant liability protection and can be an excellent choice for healthcare professionals. 🏢 S-Corps, or S-Corporations, are unique entities offering pass-through taxation, enabling income and losses to be passed directly to shareholders. This structure often appeals to small businesses, fostering tax efficiency. 💹 On the other hand, C-Corps, or C-Corporations, are separate legal entities with distinct tax structures. They provide liability protection but undergo double taxation – once at the corporate level and again when dividends are distributed to shareholders. 📊 Navigating these options requires a keen understanding of accounting intricacies. Ensuring compliance and employing strategic tax planning are crucial aspects that I prioritize. This knowledge not only fortifies the professional foundation but also optimizes growth and wealth preservation. 👩⚕️ Grateful for the support of colleagues, mentors, and the broader medical community, I am committed to sharing insights on navigating the business side of healthcare. Together, let's empower professionals to make informed decisions, ensuring a secure and thriving future in medicine. #PhysicianEntrepreneur #HealthcareBusiness #ProfessionalDevelopment

Decoding Flexible Spending Arrangements(FSA) #USTaxation,#EnrolledAgent,#EAAspirant,#EACourse,#TaxUpdates,#TaxLaw LinkedIn Guide to Creating LinkedIn Ads LinkedIn Learning

💰 Tax Tips for Medical Professionals 💉: Keep it simple, save big! 1️⃣ Stay Organized: Keep track of all consultations and professional fees—it’s your golden ticket to deductions. 2️⃣ Timing is Key: Plan your consultations strategically to optimize your income and tax liability. 3️⃣ Expense Savvy: Deduct legitimate business expenses—office supplies, equipment, and more! 4️⃣ Retirement Perks: Contribute to a retirement plan for potential tax savings. 5️⃣ Consult a Pro: For personalized advice, lean on a tax professional who understands the unique needs of medical professionals. Easy steps, big rewards! 💡💼 Follow for more useful and valuable contents. #TaxTips #MedProFinance #FinancialWellness

In the latest article in our Financial Health series, Andrew Tathem and Jeremy Gimpel explore the crucial steps in strategic tax planning for your medical practice. Discover proactive approaches to safeguard your financial well-being, from PAYG instalments to superannuation contributions. Read it now. #FinancialHealth #TaxPlanning #BusinessTips #healthcare

💡 Did you know you might be able to reduce your tax bill with medical expense deductions and credits? Medical costs can add up quickly, but understanding what qualifies can help you save money during tax season. Here’s a quick guide on how to take advantage of tax deductions and credits for medical expenses. 💸 Know What Qualifies: Not all medical expenses are deductible. Qualifying expenses typically include costs for doctors, dentists, surgeries, mental health care, and prescription medications. Also, don't forget about transportation costs for medical care and certain long-term care services! Thresholds Matter: For 2024, you can deduct unreimbursed medical expenses that exceed 7.5% of your adjusted gross income (AGI). This means if your AGI is $50,000, you can only deduct expenses that exceed $3,750. Flexible Spending Accounts (FSAs) & Health Savings Accounts (HSAs): Contributions to FSAs and HSAs are made with pre-tax dollars, which reduces your taxable income. Plus, withdrawals for qualified medical expenses are tax-free. It’s a win-win! 🎉 Tax Credits for Special Situations: If you pay for someone else's medical care, such as a dependent or even a parent, you might qualify for additional tax credits or deductions. Keep detailed records of all medical expenses paid throughout the year. The Standard vs. Itemized Deductions Debate: To claim medical expense deductions, you’ll need to itemize your deductions instead of taking the standard deduction. Make sure your total itemized deductions exceed the standard deduction to maximize your tax savings. State-Level Deductions: Some states offer additional deductions or credits for medical expenses. Check your state’s tax laws to see if you qualify for extra savings. Navigating medical expense deductions and credits can be tricky, but the potential tax savings are worth the effort! Consult with a tax professional to optimize your deductions and ensure compliance with IRS guidelines. For more insights into tax planning and financial management, visit Adviser CE and stay ahead in your financial journey! 📊 #TaxDeductions #MedicalExpenses #TaxCredits #FinancialPlanning #TaxSavings #IRS #TaxTips #AdviserCE #InvestInYourFuture #FinancialHealth