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Oleg

quaterly estimated tax payment

Hello . Should I pay quarterly estimated tax for current year if I paid tax previous year in full ? Thanks

Views: 129 Replies: 0

Last Post: Jul 20, 2019 2:35am
by Oleg

Arthur

w-4 form for a minor

I've read through some of your older year posts where you suggest to write 'Exempt' in line 7 of W-4 form for a 15-year old child who will earn about $3,000 working at a summer job and who have never worked before and who will be claimed dependent on the parent's ret...

Views: 200 Replies: 0

Last Post: May 29, 2018 2:53pm
by Arthur

Keith Williams

Calculating tax attributable to excluded foreign income

In a situation in which one qualifies for the foreign income exclusion, how does one calculate the tax attributable to excluded foreign income in cases in which total income exceeds the amount that can be excluded? The amount of tax paid on excluded income is necess...

Views: 210 Replies: 0

Last Post: Apr 11, 2018 3:08am
by Keith Williams

Jim Grazer

Financing a land purchase and office build

I am a couple years into practice. It is becoming apparent that further growth of my practice will require my own in-office operating rooms. I am planning to purchase land (approx 750K) and then build on that. Any advice on how to take the least tax hit in this so...

Views: 190 Replies: 1

Last Post: Sep 24, 2017 8:24pm
by Andrew Schwartz

Oleg

solo practitioner and self emploed same time

Hello , What is the tax connected issues one should consider when working as practice owner practitioner and self employed when see patients in my office referred by other doctor . Thanks

Views: 268 Replies: 1

Last Post: Feb 26, 2017 1:57pm
by Andrew D Schwart...

Paul

Home Office Remodel

We moved into a new home in 2015. In 2016 we remodeled (added cabinets, painted, added light fixtures and all the necessary electrical work). Both me and my wife are W2 employees: I use the office full time, working remotely while my wife uses the office as needed (b...

Views: 231 Replies: 0

Last Post: Jan 18, 2017 5:43pm
by Paul

Raj Singh

Using separate EIN/companies for separate services

Hi all, long time! So I have opened up an IOP program, which will hopefully be expanding soon. This is company A. Company A is in the process of going in network with insurance companies for payment of services. Along with it, still within company A, my staff h...

Views: 283 Replies: 1

Last Post: Oct 30, 2016 9:13pm
by Andrew Schwartz ...

Jose Ramos

Question

Hi Andrew, I was wondering if you personally are taking any new clients. My wife will be going full time Locum and looking for a tax expert in our team. I made a call to your office but I was set up with someone very young-Kevin.

Views: 280 Replies: 1

Last Post: Apr 20, 2016 3:34pm
by Andrew Schwartz ...

Khaly

Some 1099 questions... :)

I thought I posted this question a week ago, but I couldn't figure out where I posted it (or if it was posted). Some facts: 1.) I am getting ready to file for 2015 tax. 2.) I want to file it on my own (but not sure where to start or how) 3.) I just completed re...

Views: 322 Replies: 2

Last Post: Mar 6, 2016 9:00am
by Khaly

B'more ID Doc

Flight costs for elective as tax-deductible

I traveled out of state from MD to Colorado for an elective at National Jewish in Denver which was directly related to my training as an ID Fellow and approved by my training program. Can I deduct the flight costs to Denver as temporary job assignment expenditure...

Views: 305 Replies: 2

Last Post: Mar 1, 2016 5:26pm
by B'more ID Doc

borovann

VA_Big_Reggaeton_Hits (2013)[Mp3]

VA_Big_Reggaeton_Hits (2013)[Mp3] > http://shorl.com/byhagosetretra b92c5eb40e Adobe Photoshop CS6 [Mac] xCYBERPIRATENxInTheCrack SiteRip January 2014 1080p WEB-DL VC-1 WMA-TayTOOmniGraffle Pro - 6.0 [In...

Views: 335 Replies: 0

Last Post: Jan 24, 2016 8:46am
by borovann

ABQ dweller

estimated taxes

I am a Physician in a medium sized group practice (partnership). I only have earned income (no salary) and generally pay my estimated taxes as 4 equal installments. This year two partners suddenly retired in September and hence the income went up. I will obviously ow...

Views: 306 Replies: 1

Last Post: Jan 6, 2016 10:28pm
by Andrew Schwartz ...

Khaly

Car rental deductible vs mileage

Hello, So I am working as a physician independent contractor. I just moved to TX and currently do not have a car yet. I will be starting my job in 2 days. I rented a car yesterday (Thursday) to travel to the worksite for orientation, and was going to return it tod...

Views: 253 Replies: 3

Last Post: Nov 3, 2015 8:44pm
by Andrew Schwartz ...

Sheila Ramsey

MW506FR form

I was sent to this site by the Comptrollers office. They told me to put in the form name I needed in the search box. I did and nothing comes up. How do I download the MW506-FR form?

Views: 280 Replies: 1

Last Post: Oct 13, 2015 12:33pm
by Sheila Ramsey

raj

Solo 401k

Hello :) I have been visiting this site for years and thank you all for the great advice and guidance! I wanted to ask about my SOLO 401k. I have a 3 single-member LLCs. One is my private practice (GS), the other a small group of therapists that I own (WFW), a...

Views: 229 Replies: 0

Last Post: Nov 4, 2014 10:22pm
by raj

E Wollins

Flex Spending account

Anyone know the eligibility to enroll in a flex spending account for 2015 (dependent and medical) if only one parent works? I am incurring a lot of dependant/medical care expenses for my daughter who needs daily speech therapy and occupational therapy and now need...

Views: 211 Replies: 1

Last Post: Jul 22, 2014 7:15pm
by Andrew Schwartz ...

marion c carmella

Balances to me of my 2011, 2012 and 213 taxes due.

To whom it may concern, My name is Marion C Carmella, 1285 Ballantrae Farm drive, Mclean, Va 22101. Could you please give to me my Maryland state taxes due for the years 2011,2012, and 2013? Please give the total due for each individual year separately. Thank y...

Views: 272 Replies: 1

Last Post: Jun 16, 2014 2:10pm
by Andrew Schwartz ...

Natalie

MD tax credit for Health Enterprize Zone

Can anyone tell me why I might have gotten my Health Enterprise Zone credit rejected by MD Comptroller although I meet the criteria of a health care provider who works with medicaid patients in a substance abuse treatment program? This is a new credit on the boo...

Views: 243 Replies: 1

Last Post: Apr 18, 2014 10:06am
by Andrew Schwartz ...

Maria

taxable income ? 1099 Misc for Regents Physician Loan Forgiveness Award Program

Hi I received The Regents Physician Loan Forgiveness Award Program for $10,000 in 2013 and will receive another 10,000 in 2014 , for which I am required to practice in under served area for 24 months which I am currently doing. I received a check for the 10,000 wh...

Views: 606 Replies: 1

Last Post: Feb 22, 2014 7:12am
by Andrew Schwartz ...

Aemac

retirement

I am joining a private practice that does not have a retirement plan. What is the best way to save for retirement and defer taxes on this retirement savings? How about opening an LLC?

Views: 261 Replies: 1

Last Post: Nov 7, 2013 8:04pm
by Andre Schwartz C...

Jay Mukherjee

IRA or SEP

Hi Andrew, Have a quick question. I have a 1099 for 40 K which will be better fro tax purposes a TAX deductible IRA or an SEP IRA my financial advisor says SEP is complicated. Or should i go for a 529 for my 2 year old. Thanks JM

Views: 321 Replies: 1

Last Post: Feb 6, 2013 2:00pm
by Andrew Schwartz ...

eric

FICA taxes

I just wanted everyone to know that I received a check for the FICA taxes plus interest that were listed on an INDIVIDUAL claim that I filed. To date I have not heard of anyone receiving funds based on their university's claim. This is very good news for everyon...

Views: 420 Replies: 1

Last Post: Jan 31, 2013 8:53pm
by Dennis

Dennis

FICA refund

Incredible. I received my FICA refund. I was in residency from July 2002 through June 2007, yet all the amazing government paid me for was 3 out of 4 quarters of 2003. I thought all of the FICA for all those years of residency would be paid back. Ridiculous.

Views: 308 Replies: 0

Last Post: Jan 31, 2013 8:51pm
by Dennis

Bill Swanson

Signing Bonus reported on 1099

I signed an employment contract as a Physician and received a signing bonus in the form of a "loan" in approx Feb of 2010. I didn't start work until August of 2010. In 2011, 2012 and 2013 an equal portion of the "loan" was/will be forgiven if I remain employed with...

Views: 455 Replies: 1

Last Post: May 7, 2012 9:23am
by Andrew Schwartz ...

guest

Tax deduction for business and pleasure trip

Hi, I recently traveled almost entirely for pleasure. I met with a fellow gastroenterologist I trained with to discuss job options/networking in the area I was traveling in. If I wanted to deduct any costs associated with this trip, what is allowable? 50% of the m...

Views: 440 Replies: 1

Last Post: Nov 9, 2011 8:28pm
by Andrew Schwartz ...

joe

drug rehab

can a physican who was mandated to rehab in order to continue practice deduct this as a business expense? he has completed the impaired physician program and is practicing actively. Is in good recovery and has a license that is uncontested provided he continue his...

Views: 346 Replies: 1

Last Post: Sep 25, 2011 10:29am
by Andrew Schwartz ...

emily

Retirement Plans

Hi! I am employed by a hospital and this year I've contributed 16,5K to my 403b , 16.5K to my 457b that are offered by the hospital. In addition I have contributed 5,0 K to nondeductible IRA that was later converted to Roth IRA. I plan to leave the hospital in Jul...

Views: 305 Replies: 0

Last Post: May 12, 2011 3:20pm
by emily

S. Cohen

Medical Payments on 1099-MISC?

Hi, folks. I began moonlighting outside of my residency last year (2007) and just received my 1099-MISC form from the outside hospital. I was surprised, and baffled, by their entering my gross pay amount in Box 6, "medical and health care payments," rather than in...

Views: 560 Replies: 3

Last Post: Mar 31, 2011 9:57pm
by Andrew Schwartz ...

Rick

Penalty for taxes, but I rolled over IRA to ROTH

Andrew, In the 2010 tax year, we converted our IRA accounts into ROTHs. Total amount was approx 120000, with a basis of 36000. (As a side note, we contributed deductible 10000 to our traditional IRAs because for 2010 we don't have any employer sponsored plans...

Views: 366 Replies: 2

Last Post: Feb 22, 2011 7:11am
by Rick

Dental972

selection of an entity

Hello there. I am dentist working two part time jobs as an independent contractor. Should I incorporate before the end of the year? will that be of any benefit now? If yes, what kind of entity should I chose and why? I did not pay any quarterly taxes so far. Can I st...

Views: 344 Replies: 1

Last Post: Dec 21, 2010 9:08pm
by Andrew Schwartz ...

Rick

General question

Andrew, Are you related to the Schwartz and Associates located in Turnersville and Mt. Laurel, NJ? Are they an accounting firm like yours that deals with health care professionals specifically? Thank you!

Views: 373 Replies: 2

Last Post: Oct 26, 2010 8:47am
by Rick

Psych practice

Want a group practice of therapists - LLC or PC?

Hi Guys! Long time that I've been away. I have, over the last year, been working as a child/adolescent/adult psychiatrist and also have a private practice, where I am a solo member LLC. However, I have a potential business opportunity that I want to pursue. I hav...

Views: 305 Replies: 1

Last Post: Sep 19, 2010 7:38am
by Andrew Schwartz ...

Ernie

SEP vs 401K

I just switched jobs and need to decide between SEP and 401K. From Jan to July, my W-2 income was 180K. I maxed out my 403B at $16,500. Now, I have a new S-Corp and estimate the earnings from Aug to Dec to be 85K. In order to maximize my retirement savings, shoul...

Views: 323 Replies: 1

Last Post: Aug 29, 2010 8:44pm
by Andrew Schwartz ...

Rick

529

Mr. Schwartz, Given your stance on Roth IRAs (which I know you do not like, given the "promise" of tax free earnings), what do you think about 529s? Should I participate or go my own way? Thank you! Rick

Views: 379 Replies: 6

Last Post: Aug 8, 2010 9:20pm
by Andrew Schwartz ...

Tom Tuttle

Sep-IRA and 403B Contribution

Great forum. Quick question. I contribute the maximum to a 403(B) at work and my employer contributes ~$20K for a total of 36,500 +/-. I also have 1099 income of approx 85K and would like to contribute the maximum to a SEP-IRA. Can I only contribute 12,500 to b...

Views: 350 Replies: 4

Last Post: Aug 8, 2010 9:17pm
by Andrew Schwartz ...

Med

Complex question but gestalt answer please

Hi, In evaluating potential job options, I am trying to consider post-tax income instead of gross salary. I understand this requires significant details and calculation in order to answer accurately, but I kindly ask for a gestalt answer based on your intuition....

Views: 377 Replies: 4

Last Post: Jul 9, 2010 9:21pm
by Med

Tax liability on income from online surveys?

I tried to search an answer on this forum but could not locate one. Questions is, I get lots of offers to participate in Physician surveys. The compensations offered are sometimes in check or gift cards etc. Sometimes in small print they write "the participants ar...

Views: 367 Replies: 1

Last Post: May 2, 2010 8:24pm
by Andrew Schwartz ...

Dan

state taxes while doing locums

I do locums in several states. I have a LLC registered in Tennessee. Do I have to pay state income taxes for a locums job that I did in Oklahoma for 5 months? I am paid by a locums company located in Texas. I wonder how the Oklahoma state tax authorities would kno...

Views: 337 Replies: 1

Last Post: Apr 17, 2010 7:42am
by Andrew Schwartz ...

Mia

American Opportunity tax credit

I am a dentist, went to dentistry school right after high school. I graduated last year in June, would I be eligible for American Opportunity Tax credit or do I have to take Lifetime Learning Credit? Thank you for your help.

Views: 293 Replies: 2

Last Post: Apr 15, 2010 1:56am
by Mia

Both W-2's and 1099 Misc: Schedule A vs. Schedule C for temporary assignment

Hello, I worked as a per diem physician at several different offices and corporations last year. I received a 1099 Misc for some of the work and W-2 for other jobs. I am based in SF but worked in LA for 2 months (meets the criteria for a temporary position). I bel...

Views: 358 Replies: 1

Last Post: Apr 9, 2010 7:54pm
by Andrew Schwartz ...

Increased medicare withholding with new healthcare legistation

I just read the monthly newsletter, and am still not entirely clear on the new Medicare taxes. If a single individual makes $250,000, what will they pay? Will they pay 2.35% on the first $106,800 of their income, AND then 2.35% on their income above $200,000 (ie,...

Views: 438 Replies: 1

Last Post: Mar 31, 2010 7:47pm
by Andrew Schwartz ...

Brisa

deceased parents

how would I put this information in to the tax preperation sheets????

Views: 303 Replies: 1

Last Post: Mar 7, 2010 3:41pm
by Andrew Schwartz ...

Jill Lum

Support for filing for nanny

I have tried to submit a request to be contacted so that your organziation can help with nanny taxes, but an error signn keeps coming up. Can you help?

Views: 357 Replies: 1

Last Post: Mar 1, 2010 1:04pm
by payroll@mdtaxes....

Leah

"Income Sharing" Is there a such a thing?

A co-worker stated that "income sharing" saved her when she and her husband had made a significant amount more than in the prior tax year. She said you could split/share your income over a course of 3 years. I have not been able to find this information anywhere wa...

Views: 252 Replies: 2

Last Post: Feb 14, 2010 8:25pm
by Leah

Resident

Accountant

Hi, We had a visiting physician-specialized accountant give us a talk and offer her services. After several e-mails with her, she says she can obtain $12k-$15k worth of deductions from a two-resident childless couple, which is slightly above the $11.4k standard d...

Views: 469 Replies: 3

Last Post: Jan 22, 2010 11:11pm
by Andrew Schwartz ...

Did I miss something?

Hi, Our taxes are very simple to do with W2,student loans, 401k. I used Turbo tax to complete taxes but for some reason we had tax due for past few years. I always used standard deduction. I am not sure if I should have itemized expenses...but did not know what I w...

Views: 260 Replies: 0

Last Post: Jan 20, 2010 6:20pm
by RH

Doc297

Income guarantee and Bonus repayment

Hello everyone, A potential job offer from a hospital has the following: The way they have it set up is an income guarantee. They would pay a group to hire me and the group in turn would pay my salary. The group would withhold all taxes. I would get a 1099 from the g...

Views: 330 Replies: 1

Last Post: Dec 8, 2009 7:40pm
by Andrew Schwartz ...

njf48

resident with question about claiming permanent residency for taxes...

i am currently doing my residency in OH. my wife and i are orgianlly from IL. due to residency, we have been traveling from state to state. currently, we are both employed in OH and rent an apartment. yet, we are moving to GA for a fellowship the summer of 2010....

Views: 369 Replies: 2

Last Post: Nov 14, 2009 4:14am
by Andrew Schwartz ...

boston

paying off student loan at 5% vs 2nd mortgage at 5.99%

I have $2,600 left in student loans which are accruing 5% interest. I also have a $73,000 2nd fixed mortgage at 5.99% interest. The first mortgage is at 4.5% interest. I'm trying to decide which to apply additional monthly funds to -- the student loan (which would...

Views: 363 Replies: 1

Last Post: Oct 7, 2009 1:31pm
by Andrew Schwartz ...

salem oregon

taxes

hello, thank you for answering my previous questions. i do have another question, i worked as a regular state employee from jan-june of this year, and now from july am working as a locums. do i have to submit quarterly taxes this sept 15? and if so, do i include es...

Views: 367 Replies: 1

Last Post: Aug 11, 2009 5:55pm
by Andrew Schwartz ...