Original MDTAXES Forum

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Last Post

NAS

I currently drive round trip to and from work 54 miles. 18 miles to my office every day then 12 miles to the hospital then 24 miles back home. Can I deduct the gas mileage for the 12 miles to the hospital and the 24 miles home or just the 12 miles to the hospital. Al...

Views: 366 Replies: 1

Last Post: Jan 18, 2008 4:27am
by Andrew Schwartz ...

Berkay

inc Nevada

would incorporating in Nevada help me save in any taxes as an independent contractor in NM?

Views: 288 Replies: 1

Last Post: Jan 15, 2008 6:22am
by Andrew Schwartz ...

anonymous

temporary job assignment

You've helped me determine that my fellowship will qualify for this deduction. However, I am wondering if I can claim a portion of the expenses on schedule c since 50% of my fellowship income is obtained as an independent contractor. Technically, it is from moonlig...

Views: 579 Replies: 2

Last Post: Jan 12, 2008 1:47pm
by Gary Davis CPA

Berkay

estimated tax

I work as a locum tenens doctor in NM ( independent contractor). I am about to pay estimated tax. I am told that I will pay 6% gross receipt tax in addition to federal abd state income tax and self employment tax. I si it true?

Views: 381 Replies: 2

Last Post: Jan 12, 2008 1:41pm
by Gary Davis CPA

nandeesh

profit sharing

hi, Is there a restriction in kind of funds or investment vehicle that you can put your profit sharing account into. we are a corp of 8 physcians. this is the first year that i get put away the money. any suggestions will be welcome. thank you nandeesh

Views: 510 Replies: 2

Last Post: Dec 30, 2007 7:47pm
by nandeesh

Warren

one-year fellowship training

Hi I'm finishing a surgical residency and going to do a non-mandatory 1 year fellowship in a subspecialty leading to extra certification. I heard that all of the living expenses for that year are deductible. Is this true? Is there an IRS form or publication I c...

Views: 446 Replies: 1

Last Post: Dec 30, 2007 6:11am
by Andrew Schwartz ...

CAJ

In-laws debt

Not specifically a tax question, but maybe you can help me with this. My in-laws are in very poor financial shape and we have decided to pay their heating bills. I was warned that if we start helping them financially, their creditors can try to make up some of thei...

Views: 481 Replies: 2

Last Post: Dec 25, 2007 9:29pm
by CAJ

Kara Ditto

Schedule D

I have begun my first year as an investor in stocks and options. I did quite a bit of trading, in both IRA and non-retirement accounts. Should I buy a software program, such as TradeLog, to compile my trading data and prepare my schedule D? Are there other softwar...

Views: 381 Replies: 1

Last Post: Dec 19, 2007 2:59pm
by Gary Davis CPA

Marc Lion, CPA

healthcare accountants?

Have any of you heard of the HCAA? (National CPA Healthcare Advisors Association) I am reviewing your newsletters and don't see many listed with respect to specific healthcare issues. What is the primary function of this group? Look forward to some of your answer...

Views: 577 Replies: 2

Last Post: Dec 2, 2007 10:44am
by Andrew Schwartz ...

Kara Ditto

Self-employment & retirement plan options

I work for a government psychiatric clinic about 50-60 hours a week. However, I also do medical transcription on the side, though this brings in only $1,000-2,000 extra per year. I do this through a company in Utah, and am an independent contractor. As an independ...

Views: 442 Replies: 1

Last Post: Dec 2, 2007 10:36am
by Andrew Schwartz ...

Kara Ditto

IRA

Is it correct that one does not pay capital gains--and also cannot deduct losses--on stocks and options that are held in one's IRA?

Views: 369 Replies: 1

Last Post: Dec 2, 2007 10:32am
by Andrew Schwartz ...

NAS

retirement accounts

I am currently an employee of a group and will be eligible to contribute salary deferrals to our groups 401K plan (after 12 months of service) as Jan 1, 2008. I will then enter partnership starting Sept 1, 2008. Will my retirement contributions for 2008 be limited t...

Views: 462 Replies: 1

Last Post: Nov 29, 2007 4:05pm
by Andrew Schwartz ...

NAS

401K contributions

I am currently an employee and have just become eligble to contribute to our groups 401K plan (after 12 months of service). Given that it is near the end of the year can I #1. contibute my entire paycheck minus medicare and SS withholding to the plan up to my limit...

Views: 391 Replies: 1

Last Post: Nov 10, 2007 7:56am
by Andrew Schwartz ...

David

psychoanalysis partly as a medical AND partly as a business-expense

(this posting includes my proper email--please forgive the mistake) If a psychiatrist is undergoing his/her psychoanalysis as part of training to become a psychoanalyst, it is clear that that is a qualifying business expense. However, if part of the psychoanalysis...

Views: 527 Replies: 1

Last Post: Nov 7, 2007 7:19am
by Andrew Schwartz ...

Ronald J

Re: Excess Contributions to a 401(k)

I happened to have joined a practice in December 2005. The practice provided full funding of the 401(k) contribution ($44000 in 2006, $45000 in 2007). Under the plan, I would receive 0% if I left after 1 year, 1/3 after 2 years, and would be fully vested after thre...

Views: 481 Replies: 1

Last Post: Oct 29, 2007 12:10pm
by Andrew Schwartz,...

Steven

Nanny Healthcare

Hi - We wanted to help pay for our nanny's health insurance in order to take advantage of the payment being deducted pre-tax. My question is do we need to pay the premium directly to the insurance in order to qualify as a pretax expense or can we give the check dire...

Views: 468 Replies: 3

Last Post: Oct 18, 2007 8:28am
by Teri L. Botticel...

Lease or Buy Car

I am a fellow who is planning on leasing or buying a car. Can I deduct lease payments during fellowship (travel to several clinics at different sites)? What percentage of lease payment are deductable? What are the disadvantages to leasing? Thanks for your help.

Views: 497 Replies: 2

Last Post: Oct 10, 2007 8:46am
by Gary Davis CPA

Lee

Retirement Plan Maximums

Hi, I've been wondering about retirement plan maximums for 2007. I see that for individuals (under 50) there are the following limits: IRA $4,000 401k employee deferral $15,500 401k employer/employee total $45,000 Here is the situation. The individual...

Views: 503 Replies: 2

Last Post: Oct 3, 2007 4:39pm
by Lee

Walter

W-4 form and newlywed

I am finding the W-4 form somewhat confusing being a newlywed (Sept 15). Both my spouse and I work (no kids). She is in the 25% bracket and I am in the 33% bracket. Should I claim a 2 for personal allowances and she a 1? Also should I complete the two-earners/mult...

Views: 365 Replies: 3

Last Post: Oct 3, 2007 1:39pm
by Andrew Schwartz ...

vu phan

help!

is it possible to use actual expense for one car, and the standard mileage for a different car... assuming I own the first car for the first half of the year and sold it off, then bought another car for business? Thanks.

Views: 484 Replies: 1

Last Post: Oct 3, 2007 1:21pm
by Andrew Schwartz ...

jay

Bay Area accountants?

besides the firm listed on the mdtaxes site, any other recommended accounting firms in the SF bay area? Thanks!

Views: 392 Replies: 1

Last Post: Sep 24, 2007 5:45pm
by Andrew Schwartz ...

Andrew Schwartz CPA

Andrew D. Schwartz CPA to host weekly radio show on taxes

Andrew D Schwartz CPA has agreed to host a weekly, one-hour radio show on taxes through WorldTalkRadio.com. The show can be heard live each Wednesday at 7 pm ET (4 pm PT) at www.worldtalkradio.com starting on December 5th. Each week, Andrew will interview various gue...

Views: 496 Replies: 0

Last Post: Sep 19, 2007 8:19am
by Andrew Schwartz ...

famdoc

Traditional IRA Contributions and AMT

If one gets hit with the AMT, does that mean that a "deductible" $4K contribution made to an IRA for that year, is no longer deductible? In other words, does the AMT allow for a tax deductible IRA contribution, or is that yet another deduction that is allowed und...

Views: 503 Replies: 3

Last Post: Sep 4, 2007 12:48pm
by Andrew Schwartz,...

nandeesh

retirement plan set up

hi, my wife is a solo practioner and does not have a retirement plan on her own. she wants to start one and does not know how to go about setting up one. 1. it is a S corporation 2. she has 4 full time employees who have been there less than 2 years. 3. she wants...

Views: 530 Replies: 1

Last Post: Jul 23, 2007 4:22am
by Andrew Schwartz ...

Tammy J Bates

Hobby Loss

I am not a CPA or in the medical profession I subscribe to your newsletter because it has "good stuff" in it. I have my own business and am studying to become an Enrolled Agent. I worked for a CPA who had farmers who file Schedule C and consistently show losses...

Views: 367 Replies: 1

Last Post: Jun 29, 2007 5:23am
by Andrew Schwartz,...

jim

Can your recommend billing/coding software?

I'm looking to buy software that provides billing/coding help at the point of care using a PDA or smartphone, rather than carrying those cards that stick out of the white coat. Anyone have real world experience with this? What do you use?

Views: 475 Replies: 0

Last Post: Jun 25, 2007 10:51pm
by jim

nandeesh

salary vs dividends

hi, My wife is a solo practitioner and is a s- corp. how do we decide on how much to take as a salary and dividends. currently she is taking only a salary, i was telling her to take 3/4 as salary and 1/4 as dividends to avoid the S security and medicare taxes on it....

Views: 525 Replies: 2

Last Post: Jun 21, 2007 2:28pm
by Gary Davis CPA

Skylar

Residency Moving expense - tax deductible?

I stumbled upon this site and I'm glad I did. I'm a resident who just had to relocate about 1200 miles for residency. Currently I'm arguing with my parents over whether or not I can claim my moving expenses. Tax law I believe is on my side because even though I a...

Views: 550 Replies: 1

Last Post: Jun 20, 2007 9:36am
by Andrew Schwartz ...

WPM in Virginia

Deductible items?

If I buy a computer monitor and use it _exclusively_ for business purposes (website design, etc) during the tax year in which it is purchased, can I use it for personal use after the tax year is over? How late in the year could I purchase it to qualify?

Views: 527 Replies: 1

Last Post: Jun 12, 2007 12:39pm
by Andrew Schwartz,...

jim

roth ira and salary support

A couple questions came up with salary support from the hospital (in the form of a loan which is paid off if I stay in the area of the hospital for 2 years). 1) Does it count as income, and thus may disqualify me for putting it into a Roth IRA? 2) How do I minimize...

Views: 529 Replies: 1

Last Post: Jun 4, 2007 2:48pm
by Gary Davis CPA

Scott

Loan payment reimbursement by hospital and SocSec taxes

If I am reimbursed for student loan payments by a hospital, is the 1099 income also subject to FICA?

Views: 590 Replies: 1

Last Post: May 31, 2007 5:12pm
by Andrew Schwartz ...

khy

May Newsletter topic

Great article about paying your children. 3 quick questions. If you have 2 children, does that mean you can disperse ~$5K to each? If my medical business is in the form of a LLC, that would be fine, correct? Finally, could I transfer the money to child's custodial...

Views: 604 Replies: 2

Last Post: May 22, 2007 5:56pm
by khy

New practice loan vs. hospital loan

Anyone have advice regarding a new physician practice loan from, say, Bank of America or Suntrust?

Views: 443 Replies: 1

Last Post: May 16, 2007 7:34am
by Joseph Persichet...

jim

Joining a new practice - how to get going

I am looking to join a solo cardiologist's practice in July. One option is to simply negotiate expenses for the first few months as I get the practice going. The physician feels that I will have no problem seeing patients and becoming busy, and I believe that to be...

Views: 562 Replies: 1

Last Post: May 13, 2007 5:07pm
by Andrew Schwartz ...

Brian

That "library" depreciation deduction.

I saw that item on the list of expenses/deductions provided on your page and I was rather intrigued. Although I plan on deducting newly purchased books for 2007 filing (on my Schedule C), I was wondering about books purchased before my business was started (4/06), a...

Views: 587 Replies: 1

Last Post: May 10, 2007 5:06pm
by Andrew Schwartz ...

Sydney Cousin

Resident Moonlighting

I'm a Med-Peds resident and plan to start moonlighting around 12'07. I've been reading this forum for a while now, but would still really like to find an article/url/etc with a good overview of the taxes, forms, etc. for resident moonlighting. If anyone can re...

Views: 550 Replies: 1

Last Post: May 1, 2007 1:17pm
by Andrew Schwartz,...

JERMAINE

MISTAKE ON TAX FORM

IF THE WRONG AMOUNT WAS PUT IN FOR STANDARD DEDUCTION FROM A PRIOR YEAR DO YOU USE THE AMENDED FORM AND CORRECT THE AMOUNT TO THE 2000.00 OR DO YOU USE THE PERCENTAGE APPLICABLE FOR YEAR OF RETURN?

Views: 472 Replies: 1

Last Post: Apr 29, 2007 6:10pm
by Andrew Schwartz ...

Jim

Hiring a CPA to check out a practice before joining

How much does it cost to have a CPA look at the financials of a practice? I am going to graduate from my fellowship in a few months and have a full time offer to join a practice. Is this a common thing, how does it work, and about how much does it cost? Thanks!

Views: 632 Replies: 4

Last Post: Apr 24, 2007 4:43am
by Andrew Schwartz ...

Lisa

Amortize purchase price of partnership buyin?

Bought into a practice in 2006. Is there any way to depreciate the business acquisition expense on our personal taxes?

Views: 504 Replies: 1

Last Post: Apr 23, 2007 4:38pm
by Andrew Schwartz ...

Jim

Salary guarantee from Hospital

I have an offer from a local hospital to help me in my first year joining an established doc's practice. Apparently it is a fairly standard loan in exchanging for staying in the area for 3 years. I pay taxes when I pay it back. The loan apparently goes from month...

Views: 459 Replies: 1

Last Post: Apr 23, 2007 4:36pm
by Andrew Schwartz ...

Miriam

Social security and moonlighting

I am about to start moonlighting to supplement a non physician salary. I understand as a moonlighter I will have to pay 15% social security tax on that income but when I read Andrew Schwartz's 2005 article this passage got my attention "You're subject to an addit...

Views: 437 Replies: 1

Last Post: Apr 23, 2007 4:28pm
by Andrew Schwartz ...

Cristyn White

Hardship

I filed my tax return but will be unable to make timely payment by April 15 as a result of unforseen complications. Who would you suggest that I speak with to arrange to make payments (assuming this is an option)? Is there a penalty for this sort of situation? Than...

Views: 449 Replies: 2

Last Post: Apr 18, 2007 6:41am
by Cristyn White

Jeff

SEP IRA and traditional IRA

Does anyone know if one may deduct both contributions to a SEP IRA and a traditional IRA - or may you only deduct one?

Views: 526 Replies: 1

Last Post: Apr 14, 2007 3:37pm
by Andrew Schwartz ...

AnesDoc

TAX INCREASE PREVENTION AND RECONCILIATION ACT

In your March newsleter you discussed the potential benefits of funding an IRA now in inticipation of converting it to a Roth in 2010. However I didn't understand the pitfalls. Could you explain the ramifications if (1) I currently have a small Roth (~8,000) now th...

Views: 329 Replies: 1

Last Post: Mar 30, 2007 10:37am
by Andrew Schwartz,...

eric

married filing separately

I really got hit with taxes this year and next year will likely be worse. I am trying to decide if it would be advantageous to file "married filing separately". Here is our situation. My wife, who is also a physician, started working part-time on Jan 1. Her s...

Views: 685 Replies: 2

Last Post: Mar 30, 2007 9:00am
by eric

Scott

Locums mileage deduction

I quit my job at a community health clinic last year, but I still often do locums/contract work at the clinic and take call at the hospital. As an independent contractor, may I take the standard mileage deduction for ordinary trips from home to the clinic and/or on-...

Views: 428 Replies: 1

Last Post: Mar 30, 2007 7:48am
by Andrew Schwartz,...

Ben

Social security taxes

Hi, I am changing my employer in the middle of the year. I had paid social security taxes in my previous employment. How do i work out with the new payroll not to deduct more for SS taxes? Thanks Ben

Views: 428 Replies: 1

Last Post: Mar 30, 2007 7:45am
by Andrew Schwartz,...

victor

does and aupair living in qualified as a dependet?

We have an aupair who lived the whole year with us can I claim her as a Dependant?

Views: 411 Replies: 0

Last Post: Mar 21, 2007 4:21pm
by victor

medicaldroid

Carry-over capital losses

Several years ago I hade a large capital loss. I have been able to deduct $3000 of that loss from my federal return every year to offset my income. Over the last 3 years while in Massachusetts and small cpital gains but never offset those gains with the carryover los...

Views: 412 Replies: 5

Last Post: Mar 20, 2007 6:36pm
by medicaldroid

conference expenes and reimbursement

How do you handle personal out-of-pocket expenses (>1K) paid for conference registration/travel in 2006 for a conference in 2007 that won't be re-imbursed until late 2007? Thanks for your time.

Views: 555 Replies: 2

Last Post: Mar 19, 2007 8:35am
by morgen