Self-employed people can feel like they’re at a disadvantage when it comes to saving for retirement. Without an employer-sponsored retirement plan, it’s up to you to open a retirement account and put money away. For that reason, many small business owners wait until the business is consistently earning healthy profits to start saving for retirement. […]
Is a SEP-IRA or 401(k) Better? Read More »
As a physician and a business owner, you know how important it is to take advantage of key deductions that can reduce your tax liability. One beneficial—and often misunderstood—tax break for self-employed doctors is the qualified business income (QBI) deduction. The QBI deduction is incredibly complex, but with a basic understanding of what it is
How to Maximize the QBI Deduction as a Physician Read More »
Taxes are a fact of life, but few people take the time to understand how economic conditions can affect what they owe. Inflation is one of those economic factors that can have a surprising impact on your tax filing and may even decrease the amount you owe. In this article, we’ll explore how inflation impacts
Inflation and Its Effects on Your Taxes Read More »
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.
Estimated Tax Payments Read More »
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 »
