Proven Tax Reduction Strategies for Sole Proprietors

If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes. Let’s start with the following 10: Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C. Employ your under-age-18 child to make taxable income disappear. Employ your spouse without paying …

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How to make taxes less daunting

Why is tax season so daunting? Well, we all fear the unknown. And for many business owners and medical professionals, April is the month of the unknown. How much money will I owe? How much money will I have left? What are the consequences of that financial decision I made earlier in the year? Many …

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Step-by-step tutorial of the Mega Backdoor Roth through Fidelity Investments

I am always looking for ways to put more money into my retirement. Chris and I currently have 10 (yes ten!) retirement accounts with a mixture of pre-tax and post-tax accounts. Each account has its own unique set of rules, contribution amounts, and investment strategies. For example, Chris, at his neurosurgical practice, has a 401k …

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How a couple saved $126,000 in tax for retirement, and found peace of mind during a big business change

Jeff and Trisha are a couple with two kids living in California. When they came to Cerebral for advice, Jeff had recently changed from doing W-2 work to running his healthcare business as a full 1099 independent contractor. Jeff already had a strong feeling he was paying too much tax. He had all kinds of …

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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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