As an accountant for doctors in Orlando I know the taxation policies but if you are doctor then you might not fall into this category. Doctors are people who have worked the hardest their entire lives. From medical education, to practice and then entering into the profession, they know little to nothing about tax preparation and some of its benefits. Surely they are experts in their respective field of study, but when it comes to tax, their knowledge has been observed to be severely lacking.
Definitely an accountant for doctors in Orlando will help you with tax problems but knowing about tax requirements and leverages is an important piece of knowledge everyone should have. Doctors spend most of their time with patients, and to be honest they are not designed to deal with tax and financial requirements. No doubt, that they are brilliant people with extra learning and thinking capacity but when it comes to handling taxes and accounts, they neither have the expertise nor the time.
Important Tax Deductions You Can Leverage From
There are some policies of the IRS that might make you eligible to file for tax deductions. You’re not always paying taxes; sometimes you can save a lot of money by claiming these deductions. Most of the doctors are unaware of tax deductions and thus deem it unimportant. May be they don’t know how much they can save by filing for tax deductions on little things.
1.Deduction on Health Care
Health care insurance premiums are a tax deductible expense. If you did not use any of your health insurance premiums and you spent a healthy year then you might file for a tax deduction through your accountant for doctors in Orlando.
2.Deduction on Your Business Expenses
You know if you are travelling from a distance to go to work every day and you eat meals during your working hours; you might want to file for tax deductions because all the expenses that you incur because of you personal business can be deducted from your tax. Isn’t that great? Why would you not want to file for it right now? Make sure you keep record of every spending so that you can file your deductions without any hassle.
Even your office equipment, medical equipment, supplies, communication expenses, medical research expenses and board exam fees are tax deductible, and if you want to know more about deductible items then consider consulting an accountant for doctors in Orlando.
3.Deduction on Charity
Yes, you heard it right. As doctors we know how much charity based work you people do. If not in monetary terms, you sure do help with dispensing expert medical advice. That’s a lot of charity; and the good news is that this charity can be deducted from your taxes! Whether you communicated for your charity purpose or travelled, you can deduct that cost from your taxes.
This is some common knowledge that all of you doctors must have. This might help you reduce your tax bills and if you are having problems working it out then an accountant for doctors in Orlando will help you with all your tax related concerns.
If you need more information about our Orlando accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, and Celebration, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt.