A CONVERSATION WITH DR SWANN

What recommendations and advice can you provide clinicians, especially new ones, heading into tax day on April 15?

“Tax season can be very scary for new practice owners because, for the first time, you’re doing taxes in a different way. You’re doing taxes for your business, and I always recommend that you get a CPA and have someone do that with you so that you really know what kind of deductions you can take and how you should be maybe itemizing some of the purchases that you have and what kind of write-offs are available to you.  

So, if you have legal fees associated with creating documentation for your practice, and confidentiality agreements and your releases of information, those could possibly be write-offs. Buying office furniture, new equipment and supplies, those could be write-offs. 

People, I think, tend to overlook the purchases and investments that they’ve made in their practice that could possibly have some kind of tax benefit to it. If you’re a new practice owner, definitely reach out to a CPA. 

If you’re an established practice owner, create that connection anyway because there might be things that you’re not accessing that are available to you in your state.”

Do you and your practice need help with taxes? Then, contact Dr. Swann or our team for a free consultation by clicking here.