How to Review Your Income Tax Return

We are continually reviewing tax returns for prospective clients (and even for doc’s who occasionally reach out to me from the forum). Whether you are preparing your own tax return or using an outside preparer, it never hurts to have a second set of eyes take a look at it. But, since you may not have the luxury of having a family member who is a CPA, I’ve come up with a list of 10 easily-missed areas you should check on your own tax return: Continue reading

We Survived Tax Season – Barely

Tax season 2019 was an anomaly at Fox & Co. We could not live up to the 10-day turnaround we have always promised. We took on too many physicians as first-time clients. And we had a complete staffing change from 2018. As a result, I have received some complaints about our tax season service and responsiveness. In 35 years as a business owner, I have learned that for every client who complains, 10 more are either sucking it up or talking to someone who is not me. Continue reading

Backdoor Solo-401k plans

It happens every year:

  • Doctor is being paid by 1099 for extra shift work or locums.
  • Doctor is covered for retirement at her day job – doesn’t know a 2nd plan may be an option.
  • Doctor is looking for ways to reduce her income while filing her taxes.
  • Doctor finds White Coat Investor – in July!

If a similar situation has happened to you, don’t despair! You can still fund a solo-k via the back door.

Here’s how: Continue reading