Guide for Physicians For many physicians, income no longer comes from one employer, one paycheck, and one clean W-2. A hospital salary may now sit beside locum tenens income, telemedicine fees, urgent care shifts, expert witness roles, chart reviews, medical writing projects, consulting work, real estate, investment accounts, or revenue from a medical practice. That…

At some point, most physicians who begin earning 1099 income hear the same suggestion. “You should look into an S Corp.” It’s usually offered as a simple way to reduce taxes. However, it is rarely explained in a way that helps you decide. That’s where the problem starts. An S Corporation can be useful. In…

Most physicians do not spend much time thinking about their accountant until something feels off. Usually, it shows up as a higher tax bill than expected or cash flow that does not match how much the practice is bringing in. By the time that happens, the issue is rarely one missed deduction. It is usually…

Most physicians don’t realize there is a financial problem inside their practice until something forces their attention. Sometimes it shows up as a tax bill that feels unexpectedly high. In other cases, payroll grows faster than revenue, or a bank questions whether the practice qualifies for financing. Occasionally, the issue appears when a physician reviews…

Doctors do not struggle with finances because they lack intelligence or discipline. The challenge is that healthcare finances follow rules that do not apply to most other businesses, and small errors can quietly turn into expensive problems. For example: Over time, these pressures explain why many doctors move away from general accounting firms and toward…