Original MDTAXES Forum

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Richard Wood

Philadelphia CPA

I am a new fellow in Philadelphia, PA and I'm looking for a CPA specializing in Medical tax returns including moonlighting income. Please pass on any recommendations of CPAs in the area.

Views: 440 Replies: 1

Last Post: Mar 11, 2007 6:16pm
by Harry R Wigler, ...

punkgirl

need a good CPA in Los Angeles, CA!

Hi, Can anyone recommend a good CPA in the Los Angeles area who has extensive experience dealing with tax issues for young healthcare professionals?

Views: 412 Replies: 1

Last Post: Feb 21, 2007 3:51pm
by Andrew Schwartz ...

Stefan

529 plans

I read your monthly newsletter on 529 plans and had a couple of questions. My wife's grandfather passed away 2 years ago leaving a hefty estate and, despite being a shrewed businessman, he did no proper estate planning other than divide the estate to his 3 kids....

Views: 404 Replies: 1

Last Post: Feb 9, 2007 6:29am
by Susan Schwartz

Anoop

Can I have a 403b + SEP IRA both in one year?

I was previously employed as an ER physician (Jan 2006-Aug 2006) in New York, as an employee of a hospital. I recieved a W2 for the year showing about $150k in wages. I had a 403b to which I contributed about $10k to. I resigned from that position in Aug. 2006 and re...

Views: 485 Replies: 1

Last Post: Feb 4, 2007 5:24pm
by Andrew Schwartz ...

sandra chavez

self employed or not?

If I worked as an employee at one job and as an independent contractor at another (if only for 1 day)--am I still considered self employed? I have all of these professional expenses that somehow add up to alot more than what I made on that 1 day and therefore have a...

Views: 448 Replies: 1

Last Post: Feb 4, 2007 5:18pm
by Andrew Schwartz ...

Mike

FICA Refund

Hi, I live in Minnesota and this year I was fortunate enough to finally receive a FICA tax refund for 2001-2003, part of my years in residency. I received a 1099-INT form from my hospital listing $1400 in box 1, apparently interest paid to me along with the refun...

Views: 563 Replies: 1

Last Post: Feb 4, 2007 5:14pm
by Andrew Schwartz ...

Cindy

Income guarantee/ Loan repayment

I received 6 months of income guarantee from the hospital in exchange for agreeing to stay and practice 2 1/2 years in the community. I did not get a 1099 for the money and when I called and spoke with the accountant she said it was not taxable. From reading a previ...

Views: 472 Replies: 1

Last Post: Feb 4, 2007 5:11pm
by Andrew Schwartz ...

Diana

honorarium

How do you report honorariums one received from giving presentations on the side from your regular employed job? is this considered business income? where you have to file a schedule C and then also fill out a schedule SE or is this more like tips not reported to emp...

Views: 372 Replies: 1

Last Post: Feb 3, 2007 1:44pm
by Andrew Schwartz,...

Nancy

settlement money

Do I need to claim money from a personal injury settlement as income on my taxes? The amount was $12k.

Views: 277 Replies: 3

Last Post: Feb 1, 2007 2:41pm
by Andrew Schwartz,...

semperubisububi

sep-ira vs. roth ira with 403b

hi, i moonlight and obviously wish to save on tax as much as possible. I have a 403b with my primary job, but have contributed very little this year. I recently set up a roth IRA and maxed out at 4000k for 2006. However, is this the best IRA to choose, or should I r...

Views: 308 Replies: 2

Last Post: Feb 1, 2007 1:30pm
by semperubisububi

Rachel

Minimum income

What is the minimum amount of income required to have to pay taxes?

Views: 336 Replies: 1

Last Post: Feb 1, 2007 6:27am
by Gary Davis CPA

philip

Moonlighting Income Questions

I am a married 3rd year medicine resident and started moonlighting in 2006. I have some questions on how to report income. I file taxes with my spouse jointly with itemized deductions, total AGI is $123,000. The moonlighting income is an extra $24,000 this year. 1...

Views: 448 Replies: 1

Last Post: Feb 1, 2007 5:13am
by Harry R. Wigler,...

lisa

filing taxes

My husbands and my divorce was finalized in Sept 06. We are filing our own tax returns this year. My question is: I made very little money last year (like 15,000-18,000) and my ex made like 45,000. He wants to claim our two kids and i dont really have a problem wi...

Views: 403 Replies: 1

Last Post: Feb 1, 2007 5:07am
by Harry R. Wigler,...

Money from parents to help buy a house

My parents paid a substantial amount of the down payment for the house that we recently bought, but the house and mortgage is entirely in mine and my wife's name. Do I need to declare the amount my parents paid as gift income? Is it taxable? Thank you.

Views: 435 Replies: 1

Last Post: Jan 31, 2007 6:58am
by Neil Cohen

mileage for different rotations

I know the mileage question has been answered in other forms, but at our program most residents and fellows rotate amongst 3 different hospitals, but are on the payroll of only one. I know we can't deduct the commuting mileage from home to the "main office," say,...

Views: 387 Replies: 1

Last Post: Jan 31, 2007 4:52am
by Andrew Schwartz ...

Jeff

temporary job assignment deduction

I moved from Seattle to Minnesota to do a 1 year fellowship, and will be moving back to Seattle to begin my practice. I've been told that this can qualify for a "temporary job assignment" deduction. My questions are: 1. do I indeed qualify? 2. what documentatio...

Views: 316 Replies: 2

Last Post: Jan 31, 2007 4:48am
by Andrew Schwartz ...

Sarah Chung

Malpractice Insurance deduction

I am a physician changing employment. My current employer does not provide tail coverage for the malpractice insurance. This is going to cost me about $40K. After a month break I will be starting to join an HMO and they are not going to pay for it either. As I fi...

Views: 395 Replies: 1

Last Post: Jan 28, 2007 5:42am
by Andrew Schwartz ...

Sally Cheung

Insurance billing

I work as an associate dentist. Can my employer use my tax-ID to bill for services even though the office takes the insurance checks?

Views: 401 Replies: 3

Last Post: Jan 24, 2007 6:41pm
by Andrew Schwartz ...

j tran

mortgage interest deduction

Both my mother and I are on the title of the deed of a house. The mortgage is under her name only. Can I deduct the mortgage interest 100%, and she takes $0 deduction?

Views: 354 Replies: 1

Last Post: Jan 24, 2007 4:21am
by Andrew Schwartz ...

Angela

are dental lab bill tax deductable?

Hi, I am a part time associate dentist in a private practice. My compensation is "X" percentage of the daily production. The daily production is calculated by subtracting the service fee from the lab fees. Since I am paying "X" percentage of the dental lab fees I...

Views: 261 Replies: 1

Last Post: Jan 24, 2007 4:16am
by Andrew Schwartz ...

buckeyegirl

Income Question

My boyfriend started/owned a business but was unable to open a bank account becuase of a judgement with a CC company. I opened a business account for the business for him to be able to deposit and use his money. Sometimes he asked me to just transfer the money to my...

Views: 446 Replies: 1

Last Post: Jan 13, 2007 4:21am
by Andrew Schwartz ...

David

IRA

Tough one for you. I'm maxing out my Roth 401k this year. I make too much for an IRA to be tax deductible but I always contribute 8k (for my wife and I) anyway. My question is: Would I be better off putting that 8k each year into ultra low expense mutual funds...

Views: 319 Replies: 1

Last Post: Jan 7, 2007 5:43pm
by Andrew Schwartz ...

Mike

Retirement Plan for Spouse

Hi, To date, my spouse and I have both worked and have each contributed to a 403b plan. My spouse will soon stop working to stay home with our child. We hate to lose her annual retirement contribution. Is there any way for an unemployed spouse to contribute to a...

Views: 435 Replies: 3

Last Post: Jan 7, 2007 5:29pm
by Andrew Schwartz ...

Jane

To incorporate or not?

Help! I have read so much on this subject and I'm still not sure what to do. I'm beginning to think that sole proprietorship is the way to go with LLC the next best choice. Here's my situation. I am changing my working situation to the following: I am a docto...

Views: 429 Replies: 2

Last Post: Jan 5, 2007 2:33pm
by Andrew Schwartz ...

Dan

Mileage deduction

Re: regular location versus temporary location Usually I travel from home to hospital to make rounds then go to one of four offices. I have always used my home to first place (whether hospital or office) as commuting and any other driving business (ie hospital to o...

Views: 437 Replies: 1

Last Post: Jan 2, 2007 6:58pm
by Andrew Schwartz ...

reginald ellis

retirement + roth 403B

My employer is going to offer a roth 403b next year. I am 39 and max defer to a 457 and 403B. Should I switch to a roth 403b and continue the 457b, my earnings are in the 300's and I think? taxes will be higher if the world exists in retirement... I invest aggressive...

Views: 451 Replies: 6

Last Post: Dec 13, 2006 6:21pm
by Andrew Schwartz ...

Phil

End of year retirement funds

This past year I was not able to moonlight and last year I moonlighted half of the year. I just came across some bonds that have matured (amounting to ~$8-10k) and wanted to contribute to a retirement plan. The hospital I work for has a 401k but they don't match co...

Views: 383 Replies: 2

Last Post: Dec 13, 2006 6:17pm
by Andrew Schwartz ...

Mary

457 Plan

Hi, I have the opportunity to begin contributing to a 457 plan. I currently max out my 403b (15K) and traditional IRA (4K). I would like to max out the 457 as well, but have been told this money may be seized if my employer goes bankrupt. I work at the Mayo Cli...

Views: 378 Replies: 1

Last Post: Dec 13, 2006 6:09pm
by Andrew Schwartz ...

Dr. Chris

Section 179?

Hi. I'm a resident planning to start moonlighting next year as an indie contractor. For the moonlighting I'll be bringing in my own equipment. I'm thinking of getting a new laptop and a new PDA solely for my moonlighting assignments. Do you think I can take the S...

Views: 445 Replies: 1

Last Post: Dec 13, 2006 6:02pm
by Andrew Schwartz ...

Dave Brown

403b

I have the opportunity to contribute to my 403b (up to $15,000 before Jan 07). My understanding of the edvantage to this plan is that it is not taxable at some point? Can you help clear this up and give me a brief synopsis of the 403b plan and when you pay taxes...

Views: 414 Replies: 2

Last Post: Dec 2, 2006 6:00am
by Andrew Schwartz ...

edward francois

Year end funding for retirement plans

I recently changed jobs after taking a 2 month leave of absence. I realized that I have only contributed 6k to my retirement plan, despite the fact that i have made over 150k. Can I contribute one lump amt prior to the year end ?

Views: 457 Replies: 1

Last Post: Dec 2, 2006 5:56am
by Andrew Schwartz ...

independant contractor vs employee

Does anyone know of any calculator available to "standardize" remuneration if paid as an independant contractor vs an employee. ie X $$ net as an independant is equivalent to Y $$ net as an employee. I am trying to compare offers and this just messes things up....

Views: 539 Replies: 1

Last Post: Nov 17, 2006 5:07am
by Harry R. Wigler,...

edward francois

Apartment near the hospital

I am commuting 1 hour per day to get to work. I was thinking about getting an apartment closer to the hospital so that the days that I am working I can stay closer to work. I work 13 out of 30 days per month. I was wondering if there was a way to deduct the cost of...

Views: 509 Replies: 6

Last Post: Nov 15, 2006 11:58am
by chris lee

allan yanaros

practice value based on value per patient chart

I have generally approached practice valuations based on discounted cash flow. Recently a hospital client inquired about using a price per active patient chart. Has anyone seen this approach that could direct me to any source of information? Thank you.

Views: 310 Replies: 2

Last Post: Nov 9, 2006 2:19pm
by Joseph B. Mathes...

loanee

Signing Bonus/Loan Repayment

Hi, First of all, I just want to say this message board is great. Second, my question: With the acceptance of a new practice opportunity in a new community came two checks for signing bonuses/loan repayment/loan forgiveness. (You get a check now and if you st...

Views: 557 Replies: 3

Last Post: Oct 25, 2006 11:19am
by loanee

Chad

solo 401K contributions

Hi Andrew, This year the contribution limit for a solo 401K is $44,000 I believe. Do you know what the limit is for 2007. Thanks, Chad

Views: 373 Replies: 2

Last Post: Oct 25, 2006 7:25am
by Andrew Schwartz ...

Britney

Mileage and gas write offs

From January till October 11, 2006 I traveled 165 miles per day to work. (round trip) In gas alone I spent aprox. $300/ month. I heard I could able to write off my mileage, gas, and maintenance for my car. Is that true?

Views: 486 Replies: 2

Last Post: Oct 25, 2006 3:43am
by Andrew Schwartz ...

nandeesh veerappa

retirement

hi, Iam a partner at a group practice and contribute max (15,000)to 401k and also take part inthe profit sharing. i also work as a independent contracter at a second job can i 1. save for retirement with either a sep/simpleor solo 401k with the income from the 2nd...

Views: 376 Replies: 1

Last Post: Oct 20, 2006 7:39pm
by Andrew Schwartz ...

eric

private school

My wife and I have three children who will soon be schoolaged. We plan to send them to a local private school and will likely need to pay the full tuition ($8500 per child). Are there any tax credits available for this expense? We are in the 33% income tax bracke...

Views: 541 Replies: 1

Last Post: Oct 15, 2006 8:39am
by Andrew Schwartz ...

ryan

Incorporation

What steps are necessary to incorporate in the state of massachusetts? I'm a medical resident and am looking for the best way to maximize my tax liability. Does incorporation make sense for me? Thanks!

Views: 471 Replies: 2

Last Post: Oct 15, 2006 8:36am
by Andrew Schwartz ...

SALIF FALL

HOW TO PAY PERSONNAL TAXES

i WORK FOR THE STATE OF VIRGINIA AND THEY DO NOT WITHOLD TAXES FOR MD.HOW DO YOU I PAY MARYLAND TAXES WHEN I RECEIVED MY PAYCHECK.I LIVE IN MONTGOMERY COUNTY. THANK YOU

Views: 500 Replies: 1

Last Post: Oct 9, 2006 7:02pm
by Andrew Schwartz ...

Michael

residency interviews

I was trying to figure out a problem. If you receive a stipend through the university for research in the medical field, would a residency be considered your first job in the field? or could the expenses for applying to a residency program be considered tax deductible.

Views: 418 Replies: 1

Last Post: Oct 9, 2006 4:21pm
by Andrew Schwartz ...

cali

buy house vs loan repayment

I am a new attending. I owe probably about 150k in loans and now renting an apt for 1450/mo. My loans are consolidated at about 4%. Everyone says "buy a house, buy a house" you will save on taxes. I am wondering, is it better to buy a house (I dont have enough saved...

Views: 445 Replies: 3

Last Post: Oct 6, 2006 8:26am
by cali

Student loan Interest

My student loans are in deferment, but I get periodic updates on acrued interest. Any benefit (tax wise) in paying the ~$300 or so acrued interest if I can? I'm still cash poor for 1 more year of fellowship and trying to weigh the potential benefits. I have ~100...

Views: 485 Replies: 3

Last Post: Oct 5, 2006 6:28pm
by b

Phil

Stopping moonlighting

Any recommendations for handling schedule C after I stop moonlighting? Last year I moonlighted for only half the year, and this year I won't be moonlighting at all. But apart from mileage on a car, I will continue to have similar professional expenses, but for my r...

Views: 441 Replies: 1

Last Post: Sep 22, 2006 10:52am
by Andrew Schwartz,...

Efrancois

Moonlight

I moonlight alot. Last year I basically doubled my base salary from 100,000 to 200,000. I am currently contributing to my employer's 403(b) plan, but I was wondering if there are any other ways to save and limit my tax liability

Views: 435 Replies: 2

Last Post: Sep 4, 2006 1:48pm
by Andrew Schwartz ...

drashish

Flex spending account - qualifying event

Hello, I have a flex spending account (form of HSA) with my employer. We elected $3000 for day care for my DTR. After 1 month, my DTR refuses to go. How can I get that balance of $3000 back. I looked at IRS regs for 'qualifying event' but i don't see anthing I co...

Views: 528 Replies: 1

Last Post: Aug 9, 2006 5:04am
by Andrew Schwartz ...

Phil

repaying student loans

We owe about 75k on med school and undergrad loans. They are currently consolodiated at 4.55 and in deferrment but 30K is due in 2 months and the rest in the not too distant future. The question I have is general but is it worth taking out a equity line of credit or...

Views: 436 Replies: 2

Last Post: Aug 8, 2006 6:48am
by Joe

Will Donaldson

Write off on sale of Tax property

I am selling a property I purchased for 30,000 for 5,000. Do I get to write off the difference?

Views: 338 Replies: 1

Last Post: Jul 10, 2006 5:26am
by Harry R Wigler, ...

michelle fatiga

taxes

Hi I bought a house last year with my partner. She had a little better credit history so she is on the mortage and I am just on the title. Would it be better to refinance and put my name on the mortgage as well. I make 35,000 and dont have much deductions and don...

Views: 477 Replies: 2

Last Post: Jul 7, 2006 12:09pm
by Andrew Schwartz,...