Huddleston Tax CPAs features qualified accountants to provide specialized CPA services to your medical practice. When it comes to healthcare accounting, oftentimes the business owner has the education and wherewithal to compile a – more than competent – business. The issue is putting all the pieces together. Financial management is a full-time role and in the medical field, most physicians and doctors do not have the time to account for everything. Of course many expect everything to run smoothly, but that’s why there needs to be compliance planning, compensation arrangements, physician contracts, and much more to consider.
Especially where a medical practice is concerned, you need an experienced CPA to handle the books. With Huddleston Tax CPAs, we’re not only a local, small business, but we have CPAs who specialize in a variety of fields including law – which is incredibly important since, for medical practices, it’s more a matter of when, not if.
Some of the additional ways our CPAs can help physicians and their medical practice are:
- Policy and procedures
We can take a deep dive into internal operations, creating a clear roadmap of who owns what and how to handle specific situations.
- Physician contracts
Contracts tend to be financial by nature, but we can help negotiate contracts with potential healthcare providers, hospitals, and prospective employees.
- Compliance planning
We can help reduce liability exposure by planning (and preventing) inappropriate and/or criminal behavior. We ensure you and your medical practice are secure.
- Assistance with QuickBooks or other purchased software system
We can provide assistance with payroll, and have Certified QuickBooks ProAdvisors to help setup, train, and provide ongoing support.
As a medical professional in the Seattle area, there are a few considerations when selecting the business entity you will operate under:
- Sole Proprietorship – when operating as a sole proprietor, you pay self employment tax of 15.3% on profits.
- LLC – this option can be taxed as a Sole Proprietorship or as an S Corporation
- Partnership – two or more owners share in profits and losses
- C Corporation – you’ll pay tax at the Corp level and on dividends
- S Corporation – you’ll avoid double taxation and save on Self Employment Tax
There are finer details to work out, so when it is time to select an entity under which to operate, be sure to consult a professional and disclose the details of your unique circumstance.
One common deductions for medical professionals is the Auto Deduction
- As of 2011 $.51 per mile
- Business travel expense miles include meeting with clients, trips to the bank, post office, etc.
Actual Expense Method
- Deducting the business portion of actual expenses to operate your vehicle
- Expenses such as gas, repairs, oil changes, loan interest, tires, etc.
Note: that once you elect to utilize the Actual Expense Method, you cannot revert back to the standard mileage deduction.
Home Office Deductions
- Calculate the deduction using the square foot method – this method determines what is deductible of mortgage interest, property taxes, insurance, rent, etc. by establishing the percentage of square feet your office occupies versus the square feet of your entire home.
Equipment Expenses Deductions
- Lease – deductible as incurred
- Own – depreciated over a useful life
These are just a few of the considerations that commonly affect doctors and those that work in the medical profession.
When you need answers or direction in taxes and accounting related to a medical profession,
seek the counsel of a CPA that is versed in your needs.Seek the Counsel of Huddleston Tax CPAs.
Give us a call at 1-425-483-6600 or send us an email at firstname.lastname@example.org today.