Proactive Tax Strategy for Today’s Medical and Dental Professionals

While these hospitals focus on saving lives, many of their dedicated professionals—nurses, physicians, administrators, and yes, those traveling healthcare heroes—are searching for ways to keep their finances healthy too.

For physicians operating as S-Corporation owners in the Triad region of North Carolina: Greensboro, Winston-Salem, and High Point, the question of how much to pay yourself in W-2 salary versus distributions isn’t just financial, it’s strategic.

If you’re a physician, dentist, or consultant running an S-Corp in North Carolina, you might be unknowingly losing thousands of dollars each year.

Jenny sighed as she opened the envelope that had “Internal Revenue Service” stamped on the left corner. She was a resident of Greensboro, North Carolina, and like many others, she was struggling to cope with inflation and rising costs…

Falling behind on your federal taxes can be a daunting experience. The IRS may aggravate the situation by imposing additional penalties and interest on an unmanageable tax debt. However, there is a potential solution…

If you owe taxes to the IRS, you can establish an installment agreement to pay them off over an extended period of time…

Cost segregation studies have been long considered as an essential tool for real estate tax consultants. Consultants can leverage cost segregation to accelerate the depreciation of their client’s property, whether it’s a single-family home, an office building, or a retail storefront, and deduct it against their taxable income…

The Failure to Deposit Penalty applies to employers that don’t make employment tax deposits on time, in the right amount, or in the right way…

Realtors often question whether they have chosen the correct entity for their business. Most realtors begin as sole proprietors and report their business income and expenses on Schedule C. This method is suitable in the beginning, as income is generally limited. Nonetheless, their income grows with time, and soon they have a net profit of $100k.

As the year draws to a close, it’s crucial for real estate professionals to start preparing for the upcoming tax season. The IRS considers realtors as small businesses, which brings with it many opportunities but pitfalls that can be costly. Don’t let the tax season catch you off guard; follow our checklist to ensure you are well-prepared for tax planning. By doing so, you can avoid overpaying the IRS and maximize your profits

Are you aware that starting in January, the IRS will begin sending automated collection notices and letters to individuals, businesses, tax-exempt organizations, trusts, and estates with tax debts prior to 2022 for individuals and prior to 2023 for businesses?

Innocent spouse relief relieves a person from paying additional taxes if their spouse understated taxes due on their joint tax return and they didn’t know about the errors.

To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the Trust Fund Recover Penalty (TFRP).

We focus on tax related issues, including IRS audits and IRS collections in Greensboro and across the Carolinas and Virgina. We deal with taxpayers who have fallen into the IRS Collection Division’s inventory and are dealing with federal tax levies by the Internal Revenue Service (“IRS”). A question that comes up often is what can the IRS seize?