Accounting, Bookkeeping, & Tax Services for Doctors
Why Are Accounting and Taxes Important for Doctors?
Healthcare professionals have unique accounting and tax planning needs. Without proper accounting and bookkeeping services, doctors and other healthcare professionals can find themselves paying too much in taxes at year-end. Hiring a professional with industry experience can help guide you and your practice through the following industry-specific issues:
- Income recognition: Determining whether you should recognize income when it is received or when it is billed is a difficult issue for many doctors. Deciding between cash and accrual basis for tax purposes is crucial in determining your year-end tax liability
- 1099 vs. W-2 employee: When doctors grow their practice and begin hiring other doctors, there are many legal and tax implications to consider with regard to 1099 or W-2 employees.
- QBI deduction: Doctors and other healthcare professionals are often considered specified service businesses. This means that there are certain limitations they face when claiming the qualified business income deduction (QBI).
- Medical billing: Deciding whether or not to bill insurance, whether or not to outsource your medical billing, and when to recognize the income are all important accounting considerations for healthcare professionals.
Accounting Services for Doctors
Accounting for doctors and other medical practices can be complex. Hiring an expert with industry experience can help you obtain a peace of mind and focus on growing your practice. With Casey Moss Tax, you’ll receive clear, concise financial data every month. This will include a management report as well as customizable financial insights that will help you evaluate the strengths and weaknesses of your business. Monthly reporting is essential for growing businesses looking to become more successful.
Tax Planning for Doctors
Tax planning opportunities for doctors can provide substantial tax savings come April 15th. Without proper tax planning, many doctors and healthcare professionals end up paying too much in tax, and can’t make any changes after the year is over. With accurate bookkeeping throughout the year, doctors can keep an eye on their tax situation and make any moves necessary to help save money in taxes. Whether it’s buying a new company vehicle, purchasing some medical equipment, or taking year-end bonuses, Casey Moss Tax can guide you through the most effective and efficient ways to plan for tax time.
Payroll Services for Doctors
Payroll processing for doctors and healthcare professionals can be difficult to manage. After all, you are busy trying to see patients and manage your employees each day. Most medical practices don’t have the capacity for an HR manager, so outsourcing your payroll processing is something that may be in your best interest. Let Casey Moss Tax take payroll processing, 1099 filing, and payroll tax filings off of your plate so you can focus on what you do best.
Get Back to What Matters Most with Casey Moss Tax and Accounting!
You didn’t go to school for 7 years (or more) to be worrying about categorizing your transactions and paying your employees. Every minute spent on these administrative tasks is a minute not spent on helping patients. For doctors, the opportunity cost of taking care of bookkeeping and tax work in house is too substantial to ignore the opportunities of outsourcing these tasks. Let Casey Moss Tax guide you and your practice so you can continue growing and earning more money!
Are You A Doctor In Naperville, Illinois?
We want to work with you! We are located right in downtown Naperville and offer free consultations to all medical practices. Stop by today and see how we can save you time, money, and stress!
Not located in Naperville? No problem! We work with medical professionals across the U.S., providing virtual consultations and virtual bookkeeping/tax services. Feel free to book your Zoom call today to get started!