ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 126: PTE Tax: 1099 Earners, Don’t Miss This Opportunity!

We review hundreds of tax returns every year for newly onboarded clients. The majority of the time, we see missed opportunities that would have resulted in larger refunds. In some cases, we can amend to claim refunds. But in other cases, even if we can save the client some money, the workload involved in recreating returns from scratch makes it so it’s not worth pursuing. In that sense, it’s lost money that could have been avoided had it been prepared properly from the start.

On today’s episode, we’ll discuss yet another strategy that can exist for 1099 earner ER docs looking to maximize their refund. It’s just another example of why diligent and thorough tax planning adds up over time.

Topics Discussed:     
  • The states that adopted the PTE tax and how it applies to you.
  • A summary of schedule A and SALT taxes.
  • The difference between S-Corp and Entity status.
  • How to calculate the correct deduction.
  • The options available for your business and paying tax at a state level.

Resources Mentioned:

Tags

ER doctors, emergency medicine, emergency room, maximizing refunds, 1099 earner, taxes, deductions, tax planning

by 
Scott Wisniewski, EA