How do you stay financially healthy?

Alan Hill | April 20th, 2012

As a doctor, you know that prevention is the best medicine.  You encourage your patients to eat their greens, to exercise, and to make healthy decisions.  Physical health is important; but so is another kind of health.  As a CPA, I help physicians to stay financially healthy.  While there’s no “apple a day” to keep the IRS away, there are some preventative steps that you can take to maximize your financial well-being.

Tax Planning

Your 2011 taxes have been filed and you’re probably thinking that you’ve got another year before you have to deal with them again.  Sorry to be the bearer of bad news… but tax planning is a year-round process.  Starting while your 2011 return is still fresh in your mind, you can plan to make your 2012 return easier.  Did you pay too much in taxes or receive a large refund in 2011?  You can adjust your withholdings to prevent that from happening in 2012.  Feel like you might have missed some potential deductions because you didn’t keep your receipts?  Make a commitment to be more organized in the year ahead.

It’s Not Just Taxes That Need Planning

If you own your own practice, you should also review your retirement plan documents to see if there are any changes that can be made. Look for ways to increase your contribution and/or reduce plan costs.

You know how annual check-ups benefit your patients. But, did you know what you can gain from an annual financial check-up with your advisors? By sitting down and discussing your current financial position and goals, you can make sure your advisors are on the same page and that you’re on track to hit your goals.

Financial Planning with our Ohio Medical Accountants

Could your practice use a professional opinion?  Are your finances a bit under the weather?  Contact Rea & Associates to learn about our medical tax and financial planning services.  Our Ohio Medical Accounting team will help you develop a plan to keep your practice healthy.

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