8 Last-Minute Tax Tips for Physicians

Before filing your taxes on April 18, review these tips to make sure you take advantage of tax breaks and avoid paying penalties.

Have you ever had a patient who self-diagnosed a problem using a website? Perhaps the better question is - have you ever had a patient who correctly self-diagnosed a problem using a website? "Granted, taxes are not as complicated as the human body and the myriad of ailments that plague us," says Scott Goble, certified public accountant, Sound Accounting, Chickamauga, Ga. "However, in my experience working with physicians nationwide, I suspect that the percentage of physicians who correctly self-prepare their tax returns is very close to the percentage of patients who correctly self-diagnose. The issue in both scenarios is that no one knows what they don’t know. Given that the U.S. tax code has more than 4 million words (five times more than the Bible) and is supported and interpreted in innumerable regulations, letter rulings, and court cases - there’s a lot not to know."But you shouldn’t only consult with a CPA at tax time, cautions Lydia M. Glatz, senior manager, MBAF LLC, an accounting firm in Fort Lauderdale, Fla. Physicians should also discuss possible business strategies with a CPA before actually implementing them, so they can maximize the potential impact and minimize taxes.Take a look at what tax experts think physicians will want to know - but most likely don’t know - about filing their taxes in order to reduce this year’s tax bite. Click here to download a PDF of this slideshow