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

QSEHRA: The Small Business Health Plan Nobody Knows About

Small practices often have a lot of trouble competing for employees with large corporate entities, often because employee benefits are so expensive. Group health insurance can be especially expensive if you have even one employee in bad health or over a certain age in an otherwise young and healthy group of employees. Then, you have the problem that some employees are covered by their spouse’s plan and don’t even get to participate in that particular benefit. Sure, you can offer them a higher wage to make up for it, but then if another employee with more experience finds out, you’re likely to have a problem. So, what can you do? Continue reading