by Jay Wikum, Partner
For most people, preparing and filing annual tax returns is one of those unwanted tasks that comes around each year. Pulling documents, filling out organizers and taking time out for meetings all takes time. Without the right plan, these can be such a waste of time.
We would propose a different approach. The mechanics of simply filling out and filing forms is pretty routine. Yes, everyone wants qualified people doing the work, but frankly, there are a lot of firms out there that have good people for that task.
Choosing as CPA that focuses exclusively on healthcare providers will bring a new approach and new results to this entire process. Choose a provider who understands your unique career cycle and opportunities that may only be available to you.
Some of these would include:
- Capitalizing on unique deduction opportunities
- Participating in ‘Passive Income’ investment opportunities (Surgery Centers and other Ancillary Ventures) and the unique opportunities these provide to you for sheltering other income (real estate ventures, putting off passive losses, etc.)
- Maximizing your participation in pension plan options. This includes understanding your unique goals and how they change throughout the course of your career. Since needs and goals do change, this discussion should take place each year.
- Addressing ownership issues, such as adding new providers and retiring owners; understanding the benefits for having a well-designed succession plan; or preemptively making strategic moves to position your practice for sale.
Don’t just drop off your tax information for the preparation of your return, but get some real value with a face-to-face meeting with your CPA…preferably one who knows your business.
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