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Weekly Take Away: It makes sense to take the time to imagine and then plan for your business and personal goals.  We love to brainstorm to help our clients line up those tax strategies which help them achieve long and short term goals 💸💲🥇while still taking some “me” or “you” time along the way🏃🏻🎾⛹🏻🤸🏻🎣…

Navigating the world of taxes can be tricky for anyone, but when you’re juggling the demands of a medical profession or managing a small business, it can feel downright overwhelming. The good news? You’re not alone, the right accounting and financial professional can help you work through a business plan and then keep you accountable.

Why Do Medical Professionals and Small Businesses Need a Certified Public Accountant (CPA) who is also a Certified Tax Coach (CTC)?

Imagine you’re a dedicated doctor or a diligent entrepreneur—focused on patients and/or growing your business; you have limited time left to worry about tax codes and deductions. That’s where a Certified Public Accountant (CPA) who is also specially trained in tax planning, a Certified Tax Coach (CTC) steps in.  As a CPA, CTC firm, we offer more than just number-crunching.; we provide solutions so you can have peace of mind.  We also find that meeting with you and your financial advisor helps make sure that savings or available funds are working for you too.

Here’s why you need a Certified Public Accountant (CPA) who is also a tax strategist; Certified Tax Coach (CTC):

• Expertise in Complex Tax Codes: Medical professionals and small business owners often face unique tax situations. A CPA, CTC who understands these intricacies ensures you’re compliant and makes sure you’re taking advantage of every deduction.

• Time-Saving: No need for you to spend hours sifting through the tax codes and your business financials when you can focus on what you do best.   We recommend working with a Certified Public Accountant (CPA) who is also specially trained in tax planning, a Certified Tax Coach (CTC).  This way your tax and financial expert can analyze your situation and help you manage your taxes and help you realize your personal and business goals, thus freeing up your time.

• Geographically Desirable:  We are located in Queens, but work with our clients remotely via video chat, sharing our screen with a specific agenda and plan in mind.  We love connecting with our clients this way.  We log on via video chat, catch up on personal and business matters, then get to work.  By sharing our screen with real time financial statements and various scenarios based upon goals and plans; our clients can see their progress, share challenges and tweak business plans and goals as appropriate.

• Strategic Financial Planning: Beyond taxes, CPAs help with financial strategies that support your growth objectives, whether it’s adjusting cash flow or planning for future expenses.

Tax and Business Tips for Medical Professionals and Small Business Owners

If you’re a medical professional or small business owner, you know that your work isn’t confined to clinic or office hours. From conferences to continuing education, your profession demands a lot.  Here’s how a tax and financial specialist, i.e. CPA, CTC can help maximize your tax benefits and enable you to utilize those funds to realize your goals and dreams:

• Deduct Ordinary and Necessary Business Expense such as:
  • Continuing Education: Courses, seminars, or workshops related to your medical or business specialization can be deducted.
  • Medical or Business/Office Equipment and Supplies: equipment or materials you purchase and/or lease for professional/business use are often deductible.
  • Personal/Business Vehicle:  Your car, delivery van, truck, etc. may be fully or partly deductible
  • Home Office Deduction:  If you’ve converted part of your home into an office to handle administrative tasks, you may qualify for a home office deduction.
  • Business meetings/Business meals:  proper understanding of the rules and documentation helps ensure you can take advantage of available deduction
  • Business travel:  proper understanding of the rules and documentation helps ensure you can take advantage of available deduction
  • Deferred Income Contributions for the future:  Retirement accounts for the business owner and employees
  • Non-Taxable Benefits:  Depending on the tax entity type, available for the business owner and employees

• Leverage Available Credits such as:
  • Startup expenses
  • Energy-efficient improvements
  • Purchases of equipment
  • Establishing a retirement plan  
  • Various tax credits within the internal revenue tax code

Manage the Finances of your Medical Practice and Small Business 

Running a small business presents its own set of challenges and opportunities. Leverage these tips to keep your finances in top shape:

• • Track Expenses: we love using real time accounting programs, we can oversee/manage the data
  • Utilize company credit cards for easier record keeping: Whether it’s lunch with a client or supplies for the office, keep detailed records. Small expenses add up and can lead to significant deductions.
  • Utilize Local Tax Benefits: Local taxes can vary greatly. Work with a specialist who knows the local laws as they may change from year to year. It’s important that your tax and financial professionals are aware of any specific state or local tax benefits that could impact your business. We’ve written about the decoupling of federal and state tax laws.

 Choosing the Best Tax and Financial Professional for You, Your Medical Practice and Small Business is Key

 Hiring the right CPA, CTC firm isn’t just about picking someone who knows numbers. It’s about finding a team who will be your partner, a firm who understands your individual needs. Here’s what to look for:

• Experience in Your Industry: A CPA, CTC with a track record of working with medical professionals or small businesses will bring invaluable insights to your situation.
• Proactive Communication: Your CPA, CTC should be proactive in their communication, offering advice throughout the year, not just during tax season.
• Personalized Solutions: Each business and medical professional is unique. Your CPA, CTC should offer tailored strategies that align with your specific goals.
• Expertise in Tax Minimization Planning:  Not all CPA’s are created equal.  Depending on training some CPA’s like us are certified in strategic tax planning and continue to explore ways to use the tax code to help our clients reduce taxes so they can allocate those funds towards their life goals.
• Accountability Coach:  Creating a great plan is wonderful as long as you stick to it and tweak as needed.  Many of us have trouble sticking to the plan, hence the need for an accountability coach.  Tough love works!

 Final Thoughts/Recommendations:  Taxes and business operations do not have to be stressful. When you work with the right CPA/CTC by your side you can focus on what matters most—whether it’s healing patients or driving your business forward. It’s not just about paying less taxes and reducing expenses, it’s how you use those extra funds and the additional hours you are NOT spending in your office that matters.  Focus on your goals and dreams; those excess funds can be allocated to what counts. Include the right financial and taxes professionals on your team to ensure you’re compliant and financially optimized for success. Remember, your focus should be on thriving in your field, not on deciphering tax codes.

Feel free to search our website for some of our complementary resources or get in touch:  Contact us if you have tax concerns, tax minimization questions or want to discuss the next steps for your business success and financial goals.  Here is the link to read our blog posts; use our search box for those posts specific to tax minimization and business planning.