Why is it important to have a CPA specializing in physicians?

Doctors, physicians, and medical professionals in general spend many years learning how to keep their patients healthy but, unfortunately, when it comes to growing and protecting their own wealth they have a hard time finding accurate and useful information.

That’s where having a CPA specializing in physicians on their side can be really helpful. The last thing they want is for their savings, investments and assets to be lost unnecessarily to taxes – both now and in the future.

For medical professionals who are bringing in a healthy income, taxes can typically take the first third of their pay – that is, if they don’t have a solid tax strategy in place. Plus, if they own a home, a vehicle, and a growing medical practice, revolving debt can take yet another third of their income. That leaves them with only one third of their income and there’s no easy fix for putting more cash in their pockets.

That’s why having a solid tax and financial plan in place made by an accountant for medical professionals is essential for ensuring that they (rather than Uncle Sam) remain in control of what they’ve earned.

So, what’s the answer? Specialized tax planning for doctors

For most medical professionals, the best option is to implement tax planning strategies that lower or even eliminate their taxes. While there are many tax-saving strategies available, many financial, insurance, and estate planning professionals only use the more basic ones.

On the other hand, a tax advisor who specializes in tax planning for doctors can provide with additional tax-reduction opportunities that can:

• Lower the taxable income
• Reduce the overall tax rate
• Utilize available tax deductions and credits