One of the most common questions we receive from solo business owners (doctors who either moonlight, have a side business, or are starting a business) is: which entity should I choose? Let’s look at the three most popular choices: Continue reading
Business ownership
What is an accountable plan?
An accountable plan is an IRS-approved method for employees to be reimbursed for business Continue reading
How to Save Taxes with an S-corporation
One of the most frequently-asked questions from physicians with IC income is, “Do I need to set up an s-corporation?” Answer: It depends. In this post, let’s examine how an S-corp. works and exactly what this choice “depends” on. Continue reading
How to set up your new business
I recently posted an article about selecting the best entity for your side gig or new practice. After you’ve made the decision to be either a Sole Proprietor, LLC, or S-corporation, the next step is to actually register and set up your entity with local, state, and federal tax agencies. Is it time to see an attorney or is this a DIY project you can tackle yourself? Continue reading
Small Business Retirement Plans, Part 3: 401k’s
Part 3: 401k’s The government has afforded several tax-advantaged options for business owners to save for retirement. The purpose of this series is to educate doctors, including Continue reading
Small Business Retirement Plans, Part 2: SEP IRAs
Part 2: SEP IRAs The government has afforded several tax-advantaged options for business owners to save for retirement. The purpose of this series is to educate doctors, Continue reading
Small Business Retirement Plans, Part 1: SIMPLE IRAs
Part 1: SIMPLE IRAs The government has afforded several tax-advantaged options for business owners to save for retirement. The purpose of this series is to educate doctors, Continue reading
How do I figure taxes for a side business (1099)?
If you are an employed doctor with some 1099-Misc income, make sure you withhold Continue reading
Get the Most Tax Deduction for Your Car
The IRS allows you to deduct either cents per mile or “actual costs” for business driving. It’s easier to deduct cents per mile (53.5 cents in 2017) but how do you know if that will yield the biggest deduction? Continue reading
6 Huge Benefits of IC Income
Typically, a worker who has a choice prefers to be classified as an employee rather than an Independent Contractor (“IC”). The reason is that an employer pays “only” half of the FICA tax due on all earned income while IC workers pay 100%. Continue reading
