Each year we review hundreds of doctors’ tax returns as part of our comprehensive tax and business planning services. One of our primary objectives is to help doctors restructure their personal and practice finances to save thousands of dollars in future federal and state income taxes annually. Another objective is to review the doctor’s income tax returns for the past three years to uncover tax benefits (deductions, credits, etc.) that were missed.
Based on our review over the past year, the following are the 12 most overlooked tax benefits on doctors’ returns. Doctors finding one or more tax benefits for which they qualified, but did not claim, should contact their CPA to file amended tax returns (for up to three prior tax years) in order to recoup their overpayment.
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The McGill Advisory content Is provided For informational purposes only And does Not constitute legal, accounting, Or other professional advice.
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