Physician Side Gigs
Your CPA shouldn’t just tell you what you owe. They should help manage it.
CPA-led tax planning for physicians with 1099 and locums income, consulting and medical director work, an S-corp, or a practice of their own.
You may already have a CPA. That doesn’t always mean someone is looking at the whole picture during the year.
A few minutes. Rough numbers are fine. No documents.
BCT
THE SHORT VERSION
You should not be the project manager for your own tax situation.
Most physicians do not have one isolated tax problem. They have a collection of connected decisions.
Choose a part of the plan
Hover over or select a topic to see the decisions we help coordinate.
Choose a part of the plan
Hover over or select a topic to see the decisions we help coordinate.
Select a topic to see the decisions we help coordinate.
The legal entity and the way it is taxed are separate decisions.
- Should this be an LLC, LLP, corporation or professional entity such as a PLLC or PC?
- How should the entity be taxed, and which business return goes with that choice?
- Would an S-corporation election actually provide enough benefit to justify the additional work?
- Do you need an EIN, and which federal or state registrations come next?
- Does the structure require owner payroll or create other ongoing filing requirements?
The books should do more than collect transactions for tax season.
- Are the bank and credit-card accounts reconciled and the income recorded correctly?
- What happens when you pay a business expense personally—or pay a personal expense from the business account?
- Are owner contributions, distributions, loans and transfers classified correctly?
- Are equipment purchases, debt, payroll and contractor payments being handled properly?
- Are the numbers current and detailed enough to support a useful tax projection?
Payroll is where entity choice, taxes, cash flow and retirement planning start to overlap.
- Does your entity require owner payroll?
- What is a reasonable salary, and what can be taken as distributions?
- Should payroll or withholding change as income changes?
- What changes when you hire an employee, pay a spouse or begin working in another state?
- Are the required registrations, filings and year-end forms being handled—and can missed or insufficient payroll be corrected before year-end?
The question is not only how much tax you owe. The amount, timing and method all matter.
- How much should you reserve based on what you are actually earning now?
- Should payments be made through quarterly estimates, W-2 withholding or both?
- How do variable 1099 income, a spouse’s wages and multistate work affect the projection?
- Does a new contract, large purchase or investment change what should be paid, saved or completed before year-end?
- Will the business, personal and state returns agree with the plan?
The right retirement plan depends on more than the maximum contribution.
- Which plan fits the situation: Solo 401(k), SEP IRA, safe-harbor 401(k), cash-balance plan or something else?
- How do contributions to an employer plan interact with the physician’s business plan?
- What changes when an employee or spouse becomes eligible to participate?
- How much can be contributed, by whom and by what deadline?
- Is the tax benefit worth the required contribution, administration and cash commitment?
If nobody is responsible for those connections, that responsibility quietly becomes yours.
Our job is to understand the complete situation, determine what matters next and make sure the work actually happens.
If something affects your tax plan, we either handle it or coordinate the person who does.
WANT HELP MAKING SENSE OF IT?
Give us the rough outline. We will do the sorting.
The intro-call questionnaire takes a few minutes. Rough numbers are fine, and no documents are required.
We will review your answers before the call and come prepared with the questions and priorities we would address first.
Business Casual Tax is built for physicians who want planning and help implementing decisions during the year—not simply the lowest-cost tax return.