Physicians Can Take More Tax Deductions
Staff Reporters
Now that tax season is over, it’s time for physician practices to start saving receipts and filing tax records again.
The Report
According to the May 04, 2009 report of Chelsey Ledue, Associate Editor of Healthcare Finance News; there are more than 400 possible deductions that medical practices can take, although most physicians only know of a few common ones.
Link: www.CertifiedMedicalPlanner.org
Assessment
In reality, “most docs are taking somewhere in the neighborhood of 40 deductions”, according to one industry expert.
Link: http://www.healthcarefinancenews.com/news/physicians-can-take-more-tax-deductions
Conclusion
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2010 Tax Update on Roth IRA Conversions
For 2010, doctors and all joint taxpayers will remain at the lowest premium levels as long as they have income of $170,000 or less ($85,000 for those filing single).
From there, premiums progressively increase until joint taxpayers have above $428,000 in income ($214,000 for those filing single).
Conversion of a large Roth IRA or plan balance could move you into a higher premium bracket, potentially costing a couple around $6,000 extra in Medicare premiums for 2010. So … beware.
Adam
More Deductions!
Rules regarding the deduction of home office expenses have recently become more restrictive. IRS Publication 587 (http://www.irs.gov/pub/irs-pdf/p587.pdf) outlines these rules, and it provides a worksheet to calculate the allowable deduction.
Simply put, the amount of the deduction is proportional to the percentage of the area of your home used for this purpose, and to the percentage of time the area is in use.
A prudent physician keeps in mind that it can be counterproductive to be overly aggressive in claiming deductions. Remember the maxim: “Pigs get fat, but hogs get slaughtered”.
Brian J. Knabe MD CMP™
AMT Tax Brackets for 2010 and 2011
Dr. Knabe – The Bush tax cut extension law officially known as the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R. 4853) included an AMT patch for 2010 and 2011. Congress used to patch AMT one year at a time.
http://thefinancebuff.com/2010-and-2011-amt-tax-brackets.html
This time they did two years in one shot. That’s a 100% improvement! Any thoughts?
Joseph