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 […]
Real Estate Professional Status: A Tax Shelter for Physicians Read More »
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
Form W-2 is the most commonly filed tax document in the US. It’s a simple document that employees file every year. These taxes will cost you 10% to 37% of your income, depending on how much you make. But there are several ways to save on taxes that don’t immediately meet the eye. With some
How can I strategize my tax planning as a W-2 only earner? Read More »
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
Can I Have Multiple 401k Profit-Sharing Plan Accounts? Read More »
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
Top 6 Tax Tips for Dentists in 2022 Read More »
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
Should I buy a vehicle through my healthcare business? Read More »
A signing bonus is a financial incentive that an organization or business offers a prospective employee in order to woo them to join up. It could be given in the form of a one-time major cash payment or stock options and may as well be a combination of both. Signing bonuses are mainly offered to
Signing bonuses and their tax implications Read More »
IRAs, or Individual Retirement Accounts are a great way for Americans to save for their retirement, with several different retirement accounts being available. Roth IRAs, for example, are great for high-income professions such as doctors and physicians who anticipate retiring in a high tax-bracket, due to tax free withdrawals. The Internal Revenue Service (IRS) allows
Roth IRA Strategies for Physicians Read More »
