Tax Planning and Preparation for Medical Professionals – All You Need to Know

Calling on MDs Medical Doctors, PAs Physician Assistants and Nurses

As long as we work and earn, there will always be need to pay taxes, regardless of your profession. As a medical professional, medical doctor, physician assistant, or nurse either working on part-time or full-time basis, you will at some point have to file for annual tax return on your earnings. So, before preparing your taxes, or consulting with a tax service provider, here are some important things you need to know.

Tax Tip for Medical Professionals

Sometimes, going about tax planning, tax preparation, or a dreaded IRS audit can be an overwhelming task –so much to do in so little time. But it doesn’t always have to be. Below are some helpful tips that will make it easy for you to perform your financial obligations.

• The earlier the better: Time is always moving past us at an alarming rate. One mistake most people working within the health industry to keep extending their tax season. The problem with this approach is that there will always be consequences. Rather than dilly dallying, pick up the phone and book an appointment. Alternatively, do your tax filing yourself via IRS E-file. However, this method is quite complicated and time consuming, and so you might just have to consult with a tax professional. Call us today at 877-788-2937.
• Keep good records of your expenses: The IRS at times award tax exemptions on certain kinds of expenses, especially those incurred abroad. Typical of these expenses are transportation, fuel and dinning. This is why tracking such expenses is vital. Then taking it along with you when going for your tax appointment. If you haven’t looked into this in previous years, ensure you do so this year,
• Seek the advice of your employer: Certainly, your employer, hospital or medical health group knows more about taxation within the healthcare industry. They should be able to provide you with helpful information and tips to make your tax preparation and tax planning smooth.

Here are some smart ways to prepare your taxes if you are a medical professional:

1. Through an Attorney
   Attorneys, after receiving their degree in law from a reputable institution receive their licenses from the state bar. This empowers them to render a wide range of legal services, including tax planning and preparation. However, it is important you work with those with expertise in Medical Tax Service.
2. Through a Certified Public Accountant (CPA)
   CPAs receive their licenses from the State boards of accountancy of their respective state. Their license empowers them to function as a tax preparer, provided they have passed the CPA examination. They must have also gained a degree from a reputable institution to qualify as a CPA. Before being awarded their licenses, they meet all ethical requirements, which they will have to maintain to keep their licenses. However, not all CPAs have expertise in preparing tax returns for medical professionals. Ensure you work with those with a proven track record.
3. Online Preparation
   The internet has made so many things possible now, with tax preparation being one of them. While some online preparation services are expensive, others are quite cheap. But ensure you ask the right set of questions to avoid undue headaches. You can email us or fax us from anywhere, and we can professionally prepare your tax returns. Call us today at 877-788-2937.
4. Through an Enrolled Agent
   Enrolled agents receive their licenses directly from the IRS. This is the highest grade license issued by the IRS, it empowers them with unlimited representation rights, not just tax preparation, but tax planning, tax representation and appeal representation. They will first have to pass all designated examinations before being awarded their license. Aside meeting all ethical requirements, enrolled agents are mandated to complete 72 hours of training within every 3 years interval. EAs enjoy unlimited rights to represent taxpayers in all 50 states and are labeled as America’s tax experts.

Of course, there are several other ways to go about your tax planning and preparation. What really matters is that whoever prepares your tax is well-experienced in the medical field.

Call us today for Medical tax service help at 877-788-2937.

Mike Habib is an IRS licensed Enrolled Agent who owns and operates a specialized tax service boutique firm serving medical professionals, medical doctors, physician assistant, and nurses clients in various metro areas such as Los Angeles, Whittier, Pasadena, Glendale, Burbank, Orange County, Riverside, Palm Springs, San Bernardino, Palmdale, Bakersfield, New York, New Jersey, Chicago, Houston, Phoenix, Philadelphia, San Antonio, San Diego, Dallas, San Jose, Detroit, Jacksonville, Indianapolis, San Francisco, Columbus, Austin, Memphis, Fort Worth, Baltimore, Charlotte, El Paso, Boston, Seattle, Washington DC, Milwaukee, Denver, Louisville, Jefferson, Las Vegas, Reno, Hempstead, Tucson, Nashville, Davidson, Portland, Tucson, Albuquerque, Santa Fe, Anchorage, Atlanta, Long Beach, Fresno, Sacramento, Mesa, Kansas City, Cleveland, Virginia Beach, Omaha, Miami, Oakland, Tulsa, Honolulu, Minneapolis, Pittsburgh, Colorado Springs, Arlington, Wichita, Birmingham, Montgomery, Tampa, Orlando.

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Medical professionals, medical doctors, physician assistant, and nurses clients tax representation, tax planning and preparation service help for clients throughout Southern California including Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and throughout Los Angeles County, Newport Beach, Irvine, Orange County, Corona, San Bernardino County, Riverside County, the Inland Empire, the San Fernando Valley and the San Gabriel Valley.