Business Exit Planning Using the Value Builder System

100 percent of people eventually leave their business. A good exit strategy allows owners to turn a good thing into a better one by protecting assets, building value, and striking the best deal Entrepreneurs want their business to grow and thrive, and an increasing number also want to sell. Last year saw a record number…

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Doctors: Is Your Physician Group Causing You to Pay Higher Taxes?

Doctors: Is Your Physician Group Causing You to Pay Higher Taxes? on providentcpas.com

Classifying doctors as employees can significantly increase their tax burden An increasing number of doctors are banding together to form medical “super groups” and the benefits can be significant: economies of scale, greater leverage in negotiations with insurance companies and large hospitals, administrative support that leaves doctors free to focus on patient care, and a…

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Tips for Maintaining Medical Practice Profitability

Tips for Maintaining Medical Practice Profitability on providentcpas.com

Expand with novel services. Connect with new patients. How to build revenue when burdened with rising operating costs and changes in the healthcare system As deductibles rise, medical practices can see big losses. Some patients can no longer afford medical bills, leading them to avoid seeking treatment when they should. Or, many will simply seek…

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What’s the Magic Number a Doctor Needs to Retire?

What’s the Magic Number a Doctor Needs to Retire? on providentcpas.com

Doctors can get burned out fast, and early retirement grows more and more appealing. How do you know when you have enough saved to maintain your lifestyle? The thought of early retirement is appealing to most doctors, who are often overworked and exhausted. But how do you know how much money you’ll need when the…

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Financial Strategies Every Mid-Career Doctor Should Consider

Financial Strategies Every Mid-Career Doctor Should Consider on providentcpas.com

As your career hits its stride, taking these 8 steps is key to keeping your financial goals on track If you’re a doctor who’s starting your career or approaching retirement, the amount of financial advice that’s aimed at you is overwhelming. But the mid-career physician – mainly in their 40s to early 50s – is…

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Retirement Planning for Doctors: Why It’s Tougher Than You Think

Retirement Planning for Doctors: Why It’s Tougher Than You Think on providentcpas.com

8 steps you should be taking to retire on time with the lifestyle you desire It may be hard to believe that retirement planning can be tough for doctors – after all, the medical profession is one of the most lucrative careers one can choose. But there are more than a few sob stories of…

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A Doctor’s Guide to Estate Planning

A Doctor’s Guide to Estate Planning on providentcpas.com

Learn how to create and structure an estate plan specific to physicians A good and specific estate plan is especially crucial if you’re a doctor, for a few different reasons. As a physician, not only do you need to consider protecting your often-larger estate but you also need to ensure your medical practice is protected…

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The TCJA is in Full Effect: How Physicians Can Keep More Money

The TCJA is in Full Effect: How Physicians Can Keep More Money on providentcpas.com

The new tax law made it easier for many doctors to pay less, but not everyone will benefit. From charity to children, here are the decisions which could affect how much income doctors retain in 2019 Doctors are frequently exhausted by their duties and find focusing on their taxes difficult – and MD Magazine highlighted…

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Should You Restructure Your Medical Practice After the New Tax Law?

Should You Restructure Your Medical Practice After the New Tax Law? on providentcpas.com

Converting from an S corp to a C corp isn’t a decision to make lightly Now that the dust has settled from the rollout of the Tax Cuts and Jobs Act (TCJA), medical practices structured as pass-through entities are facing a dilemma: Since the tax reform significantly reduces the tax rates imposed on C corporations’…

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Doctors: Pay Off Student Loans Quickly

Doctors: Pay Off Student Loans Quickly on providentcpas.com

6 strategies for taking years off medical school debt and saving thousands in the process Graduating from medical school is a major accomplishment. But for too many doctors, the celebration is dampened by the massive student loan debt that can go hand-in-hand with a medical degree. In the class of 2018, 75 percent of medical…

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