Tax for Physicians

For medical professionals who own their own practice or have side-gig income from consulting, locums, or other avenues, planning long-term savings for a child’s retirement often comes down to one key factor: earned income. Unfortunately, for parents who do not own a business and/or cannot hire their child in their business, there is no easy […]

The One Big Beautiful Bill Act is a sweeping piece of legislation that reshapes individual and business tax rules. For physicians, these provisions could affect take-home pay, saving strategies, and practice finances. Whether you’re a hospital employee, a locum tenens doctor, or own a medical practice, the OBBBA will change your tax planning opportunities and

High-income taxpayers like physicians and other professionals often face high tax bills due to bonuses, private practice income, and investment earnings. While tax-deferred accounts like 401(k)s and IRAs provide long-term tax advantages, they don’t address the ongoing tax drag that can affect taxable investment accounts. Tax loss harvesting is one strategy that can reduce the

As a shareholder in an S corporation, you need to understand your tax basis—especially if you want to deduct business losses on your individual tax return. Many medical professionals operating through S-Corps assume their accountant will handle all the details, but overlooking tax basis can lead to missed deductions and unintended tax consequences. In this

Owning rental properties can be incredibly profitable, but the tax side of being a property owner can be confusing. Most property owners look for ways to lighten the tax load and maximize profits. The short-term rental tax loophole is a popular tax break amongst rental property owners. This tax code provision might allow you to

Blending business with leisure can be an enticing opportunity for busy physicians and medical professionals. With the flexibility of virtual continuing education (CE) courses, you can attend professional training while enjoying a vacation—and potentially write off a portion of your expenses as business-related. However, this strategy requires careful planning and a thorough understanding of IRS

No more electric bills? Huge tax rebates? It sounds too good to be true, and unfortunately, in many cases, it is. The solar energy movement has gained momentum in recent years, fueled by lower solar panel costs, the consumer urge to fight climate change, and rising energy bills. However, the availability of real, but sometimes

At Cerebral Tax Advisors, we have often found that medical professionals love to invest in real estate since it is an excellent way to generate a return on investment, diversify your portfolio, and take advantage of tax write-offs. At first glance, it might seem advantageous to do so through an S-Corporation (S-Corp)—a structure known for

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