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Tax Planning for Physicians & Dentists | MDcpas

Ready to start planning for your future?<br><br>Here are five tax planning strategies for physicians & dentists to develop now:<br>1. Diversify Your Investments<br>2. Reduce Your Taxable Income<br>3. Reduce The Amount of Taxes You Owe<br>4. Hire Professionals to Help<br>5. Create a Long-term Plan<br><br>How to Find the Right Professionals?<br><br>Before you hire a professional, do your research to ensure that you hire experts who hold the proper licenses and certifications.

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Tax Planning for Physicians & Dentists | MDcpas

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  1. TAX PLANNING STRATEGIES FOR PHYSICIANS & DENTISTS Diversify Your Investments To diversify your investments, you need to take a look at all of your financial accounts. Check your tax-deferred accounts, tax- favored accounts, and taxable accounts. Reduce Your Taxable Income One way to reduce your taxable income is to make charitable donations of securities from investment accounts. Unlike donating cash, donating investments offers a double tax benefit. Hire Professionals to Help 3. New Zealand VISIT THE NORTH & SOUTH ISLANDS A CPA or accountant will track and monitor all of your expenses throughout the year. This will make it easier to maximize deductions, both business and personal. In the warmer months, find Lavender fields and farms on both the North and South Islands. Pop some flowers in your champagne! Create a Long- term Plan Saving money on this year’s taxes is not the end goal. The bigger goal is to create a long- term plan. With a strategic, long-term plan, you will save money on taxes.

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