Estimated Tax Payments

At Cerebral Tax Advisors, we recommend making your tax payments via the government’s secure payments links. This helps to eliminate your payment being lost in the mail and reduces human error with entering your payments into the IRS and state systems.  Following is a list of online tax payment websites for the IRS and states. …

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Real Estate Professional Status: A Tax Shelter for Physicians

As a physician and business owner, obtaining real estate professional status (REP) is an invaluable strategy that can provide you with tax benefits now and in the future. With this designation, you can offset a portion of the income from your practice with various deductions associated with managing rental properties, reducing your state and local …

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How an Eye Care Clinic obtained $82,000 annual tax savings with the help of Cerebral Tax Advisors

The Client Business/Industry Eye Care Location Washington State Business Inception 2017 Number of Employees 12 Estimated Annual Gross Income $1,000,000 The Problem This Eye Care Clinic came to Cerebral to overcome the following challenges: The Solutions After analyzing the clinic situation in detail, Cerebral Tax Advisors worked with the client to implement the following tactics …

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Can I Have Multiple 401k Profit-Sharing Plan Accounts?

Most professionals only have one job. But it’s becoming increasingly common for Americans to have separate income streams. If you have two or more employers, this can mean having two separate retirement accounts. It’s legal to have multiple 401k accounts. In fact, in a select few professions, it’s quite common. But there are limiting factors …

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Top 6 Tax Tips for Dentists in 2022

Running your own dental practice can mean high income, but this also means high tax liabilities. Luckily, dentists can benefit from a large variety of tax deductions if implemented properly. In this article, we have outlined six of our favorite, easy to implement tax tips for dentists. 1. Increase your retirement contributions Investing back into …

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Should I buy a vehicle through my healthcare business?

Buying a vehicle through your business isn’t entirely different from buying one personally. But before you buy a vehicle under your business’s name, there are several factors you must consider. When you buy a vehicle through your business, you will be faced with different requirements. The ways the IRS accounts for personal and business vehicles …

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