tag:blogger.com,1999:blog-36714410.post-34244115529059953032007-03-12T19:50:00.000-07:002008-06-17T11:51:18.957-07:00<p class="MsoNormal">Though you have had a couple of months to prepare and file the tax return for your practice, the majority of individuals don’t end up filing their professional taxes until March or April.<span style="font-size:+0;"> </span>If you have your own practice, there are many deductions to be aware of, some of which specifically apply to physicians more so than others.<br /><br /><i>Medical Economics</i> highlights some of the deductions that may be available to you.<span style="font-size:+0;"> </span>The article covers <a href="http://www.irs.gov/pub/irs-pdf/p946.pdf">property depreciation</a>, <a href="http://www.irs.gov/pub/irs-pdf/p463.pdf">travel, entertainment, and vehicle expenses</a>, and <a href="http://www.irs.gov/pub/irs-pdf/f4684.pdf">casualty and theft losses</a> (section B is for business property).<span style="font-size:+0;"> </span></p><p class="MsoNormal">Some deductions that could be of particular interest to physician are write-offs for new equipment purchases or practice-related expenses such as membership and professional society dues.<span style="font-size:+0;"> </span>Insurance premiums, including <a href="http://www.doctordisability.com/2006/12/malpractice-claims-and-how-to-prevent.html">malpractice</a> or <a href="http://doctordisability.com/business-overhead-expense.html">business overhead expense</a> insurance, can also be deducted.<span style="font-size:+0;"> </span>The aforementioned <i>Medical Economics </i>article offers basic advice on how to claim these deductions.<span style="font-size:+0;"> </span>All you need is <a href="http://www.irs.gov/pub/irs-pdf/f1040sc.pdf">Schedule C</a>, and in some cases, <a href="http://www.irs.gov/pub/irs-pdf/f1040sab.pdf">Schedule A</a>.<br /><br />While it covers a lot more than just deductions, the IRS website has a section on <a href="http://www.irs.gov/businesses/small/article/0,,id=99198,00.html">forms and instructions for filing and paying business taxes</a> that is also a useful resource.<span style="font-size:+0;"> </span></p><p class="MsoNormal">Whether you file your own taxes or seek advice from a tax professional, take some time to investigate the possible deductions that can save you money this year and in the future.<span style="font-size:+0;"> </span>After all, you can’t expect the IRS to let you know about which deductions you missed out on.</p>Chuck Krugh, CFPhttp://www.blogger.com/profile/08277423075000029563noreply@blogger.com