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

How Do Physician Non-Compete Agreements Work?

A contractual non-compete clause (also known as a covenant not to compete or a restrictive covenant) will preclude or limit you from working in a 1) particular field, 2) within a specific geographic area, and/or 3) for a stated period of time should you separate from service with an employer or group. If you are looking at a non-compete agreement, what is negotiable and what isn’t? Continue reading