Nuggets from the Tax Cuts and Jobs Act (TCJA)

My November article speculated on what was coming in the new tax bill and how it would affect us. Of course, the final version tilted the whole structure off its foundation rendering that article into garbage right now. And then the IRS kept tinkering with what expenses are and are not allowed in 2017 – almost down to New Year’s Eve, so December was a chaotic month for tax planning, to say the least. Continue reading

A Trick to Escape Tax Penalties

Here are a couple of common situations for new physician clients:

  • You’ve graduated training mid-year and you’re working as an IC for half the year, or
  • You’re a W2 employee and you’ve done a side IC gig (locums, extra shifts, etc.)

You suddenly realize you probably haven’t paid in enough taxes to avoid an estimated tax penalty. The noose is tightening with December 31 only a month away. Holy 1040, Batman – what do you do? Continue reading