Home Office Deduction: A Comprehensive Guide for Doctors

For many self-employed physicians and medical professionals, the concept of a home office has become increasingly relevant, especially with the rise of telemedicine and administrative duties doctors can perform in the comfort of their homes. Claiming the home office deduction can provide tax savings for doctors who manage their practices or work from home regularly, …

Home Office Deduction: A Comprehensive Guide for Doctors Read More »

Are Real Estate Investment Education Expenses Tax Deductible? Understanding the Business vs. Investment Distinction

Owning real estate can offer several benefits, from generating regular cash flow to tax write-offs. Many real estate owners seek to expand their knowledge through various educational programs, conferences, and courses. A common question that arises is: “Are these educational expenses tax deductible?”  The answer hinges on whether your real estate activities are classified as …

Are Real Estate Investment Education Expenses Tax Deductible? Understanding the Business vs. Investment Distinction Read More »

How Locum Tenens can use Per Diem rules and rates to stop tracking receipts

Are you familiar with the Per Diem rule? If you’re a physician doing locum tenens work, you want to be! Per Diem comes from the Latin meaning ‘By Day’, and so the ‘Per Diem rule’ refers to a daily travel allowance. You can make use of the Per Diem rule to compensate for lodgings, meals, …

How Locum Tenens can use Per Diem rules and rates to stop tracking receipts Read More »

How Locum Tenens can register a tax ‘home’ while working in different states

Becoming a Locum Tenens Physician is ideal if you want to take your work across the country. You’ll be in a position of greater work flexibility, be able to explore different states and cities and be covered for your work-based transport and accommodation as you go.  Though you’ll be working all over the map, you …

How Locum Tenens can register a tax ‘home’ while working in different states Read More »

Are Travel Expenses Tax Deductible When Your Spouse Joins You on a Business Trip?

Picture it: you have an upcoming business trip to an exciting location, and your spouse gets that sparkle in their eye: “Can I come too?” Beyond the fun of combining business with a bit of leisure, an essential question arises: “Are my spouse’s travel expenses tax deductible?” While we all love the idea of trimming …

Are Travel Expenses Tax Deductible When Your Spouse Joins You on a Business Trip? Read More »

Tax Benefits of Investing in Oil and Gas: A Detailed Overview

Oil and gas are a staple of energy production throughout much of the world, and their potential returns make oil and gas investments an attractive option. Tax incentives designed to encourage oil and gas production also help these opportunities stand out. If you’ve ever considered diversifying your portfolio with energy assets, it’s essential to understand …

Tax Benefits of Investing in Oil and Gas: A Detailed Overview Read More »

Are NIL Donations Tax Deductible?

We recently had a business owner client approach us about his daughter going to college. She is a volleyball athlete and was awarded a full tuition athletic scholarship to her preferred college, BUT it didn’t start until her sophomore year. This had us thinking… are there any special tax provisions related to athletes that would …

Are NIL Donations Tax Deductible? Read More »

Is a SEP-IRA or 401(k) Better?

Self-employed people can feel like they’re at a disadvantage when it comes to saving for retirement. Without an employer-sponsored retirement plan, it’s up to you to open a retirement account and put money away. For that reason, many small business owners wait until the business is consistently earning healthy profits to start saving for retirement. …

Is a SEP-IRA or 401(k) Better? Read More »