Lead Generation Content For Advisors: 13 Tax Tips For Doctors For 2013
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The American Taxpayer Relief Act extends various tax breaks but may lead to higher tax rates for many doctors. Tax planning strategies include considering partnership in medical groups to offset income and utilizing a little-known provision to take stock distribution tax-free during a company sale. These strategies are crucial for tax efficiency for medical professionals in 2013.
Lead Generation Content For Advisors: 13 Tax Tips For Doctors For 2013
- 1. Your Logo Your Logo The American Taxpayer Relief Act (ATRA) extends a broad range of tax breaks, but many doctors are likely to face tax rate increases. 13 Tax Planning Tips For Doctors For 2013 Your Logo
- 2. Your Logo A recent trend for medical professionals is joining with hospitals or mega-groups. With a hospital, a doctor is generally treated as an employee and receives a W- 2. However, if a doctor instead becomes a partner in a group, K-1 income can be offset by deductions, even if the doctor isn’t an equity partner. This may be a key tax planning consideration. 5. Mega-Group Maneuver.
- 3. Your Logo If you’ve incorporated your practice, you probably own stock in the corporation through your retirement plan. When it’s time to sell the company, instead of selling the stock and receiving the proceeds, take the distribution in stock. Under a little- known tax law provision, any appreciation in value – known as “net unrealized appreciation” (NUA) – is exempt from tax. Congress has threatened to end this loophole, but it’s still there now. 7. Cash Out Tax-Free.