Accountable Plan for Physician Business Owners: What It Is and Why You Need It

An accountable plan is a reimbursement arrangement that allows employees to be reimbursed for out-of-pocket business expenses without those reimbursements being counted as taxable income. Accountable plans must follow specific guidelines to qualify for favorable tax treatment. Fortunately, complying with the tax laws isn’t overly complicated. In this guide, we’ll explore what an accountable plan …

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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, …

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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 …

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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 …

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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 …

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