75% of physicians say they pay too much in taxes each year, at an average of $76,117 per year. Maybe that’s because around half of physicians also say they do their own taxes.
Whether you are looking for help with personal or business taxes, medical practice tax services can help. Firms offering these services have the expertise to find more tax breaks, reduce audits, and prevent the need for resolution.
There are countless benefits of offloading your personal and practice tax efforts. Want to learn more about these advantages? Then you have come to the right place because we’re breaking them down in this guide.
What Can a Medical Practice Tax Service Do for You?
A medical tax service can make your life and the lives of your employees much easier. These tax experts know all the strategies to ensure you and your practice are not paying too much in taxes.
They can help you check off tasks from your tax management checklist, including:
- Personal tax return filing
- Business tax return filing
- Quarterly tax analyses
- Tax planning
- Tax strategy consulting
- Tax resolution
A good medical tax firm will also offer adjacent services like accounting. That way, they can help you manage bookkeeping, reconcile accounts, do payroll, prepare financial statements, and much more.
Highly quality tax service providers should also offer consulting. Medical practices can learn where their money is going and find the tools and strategies to capture those funds and put them back into the business.
The Benefits of Medical Practice Tax Services
There are countless advantages to delegating tax work. We’ve rounded up a few of them and listed them below. Keep reading to find out how hiring a tax firm can provide the following competitive advantages.
Get Expert Advice
Do you know the tax strategies available to help you keep more income for your bottom line? If not, no worries because medical tax firms do. However, note that we said ‘medical tax firms,’ not just tax firms.
Always work with a company that has expertise in healthcare. Taxation strategies differ depending on the type of practice, practice size, and where the practice is located. Firms that don’t know the medical world can’t keep up.
When you hire the right tax expert, you will learn strategies to maximize deductions. You may not realize how entity selection determines how your practice is taxed, which contributions can lower your tax bill, and that there are hidden medical practice deductions you’ve probably never heard of before.
Optimize Financial Resources
If you or your practice is not taking advantage of tax breaks, your bottom line may be taking the hit. You may be left with few profits to invest in optimizing your ability to care for patients or growing your practice (more on this later).
What’s more, not having enough cash flow is like a domino effect. Liquidity is crucial for adopting new technologies and creating better processes for reduced operational costs and improved patient care.
In other words, poor margins can compound, leading to even lower profits in the future. This can become a sticky situation, especially when you have to wait around for insurance payouts.
The right tax service can transform your business into a profit-making machine. You will save more money on taxes and expenses, freeing up funds to invest back into your business and patients.
Free Up Time
Physician burnout is a major issue in the industry. The problem can also impact nurses and other members of your staff. One of the top culprits for burnout in healthcare is increasing administrative burdens, including tax work.
But as a healthcare professional, you are in the business of saving lives, not dealing with taxes. The least medical tax firms can do is take this time-consuming yet essential task off your hands.
Tax services for doctors can handle all the necessary planning for you, and the best firms will take care of personal and business tax return filing, too. Without the stress of medical taxes on their backs, doctors and other medical employees can get back to what they do best-saving patients’ lives.
Grow Your Business
When you have more time, and your practice has more cash flow, you can divert your focus to growth. Of course, growth does not have to look like merging with or acquiring another business.
There are many ways to grow your medical practice. You could strive to diversify your offerings by bringing in new specialists, expanding into new markets, or providing new services.
Another growth strategy is to strive for more market share. To do that, your business must have optimal financial health and understand the competitive landscape in your immediate area.
When it is time for you to transition away from your business or enter retirement, a medical tax firm can also help you with succession planning, valuations and transactions, or even your retirement strategy.
Track Changing Regulations
Tax regulations are constantly in flux, but you don’t have to be when you hire a tax firm to help you keep track. Tax service providers are in the business of tracking and deciphering the latest laws and regulations, plus understanding how they impact different industries and individuals.
Making mistakes on your taxes is not just a common cause of missed deductions and lost profits. It can also get you or your practice into legal hot water, potentially costing you even more money in the form of legal bills.
Worse than that, you risk harming your reputation if an audit uncovers errors in your tax filings. It is better to be safe than sorry and hire tax and accounting services to protect your finances and notoriety.
Basta+Croop Is the Medical Tax Expert You Need
Medical practice tax services can transform your business. You can improve profits, save you countless hours on administrative work, become more competitive, and save yourself regulatory headaches along the way.
Is your medical practice searching for expert tax help? Basta+Croop’s tax accountants in Charlotte offer the best advice and strategies for individuals and businesses.
Learn more about Basta+Croop’s healthcare tax and accounting services, and contact us today!