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 1-877-788-2937.

  • 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 1-877-788-2937.

  4. Through an Enrolled Agent

    Enrolled agents receive their licenses directly from IRS. This license empowers them to act as a tax preparer. They will first have to pass all designated examination 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 1-877-78-TAXES [1-877-788-2937].

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.

Local communities served:

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.

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Mike has given us peace of mind! He helped negotiate down a large balance and get us on a payment plan that we can afford with no worries! The stress of dealing with the IRS is huge and Mike helped us through it all. The peace of mind is invaluable, thank you Mike! April S.
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Mike Habib - Thank you for being so professional and honest and taking care of my brothers IRS situation. We are so relieved it is over and the offer in compromise process went just as you said. Mike is very professional and will give you honest answers to the OIC process and you can really trust him. You won't be sorry you chose him! Joe and Deborah V.
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Mike is a true professional. He really came thru for me and my business. Dealing with the IRS is very scary. I'm a small business person who works hard and Mike helped me see that they are not that scary after all. He was always there with the answers I needed and was very good about calling me back which I appreciated since your first reaction is to freak out and ask a million questions. He solved a messy case and worked very hard to resolve it. His rates are VERY reasonable for the amount of work he does! I give him my highest recommendation! Marcie R.
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Mike was incredibly responsive to my IRS issues. Once I decided to go with him (after interviewing numerous other tax professionals), he got on the phone with the IRS immediately (as in the same day I signed with him) to squash an impending issue. And he worked directly with them to quickly come to a resolution I am very happy with. I'd highly recommend reaching out to Mike to see if he can help you with any IRS issues. I'm very satisfied! Marshall W.
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I’ve seen and heard plenty of commercials on TV and radio for businesses offering tax help. I did my research on many of them only to discover numerous complaints and unresolved tax issues. I found Mike Habib through my own online search and contacted him. He was very professional with great communication, always answering my questions and concerns. Mike resolved my complicated tax problem just as he said he would. I would definitely recommend his services to family and friends. Nancy & Sal V.
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