The 7 mistakes costing doctors $10,000+ a year
Straight from our client files: the bookkeeping, entity, salary, and retirement mistakes quietly costing you real money — and exactly how to fix each one.
For physicians, therapists, psychologists, psychiatrists, and other mental health professionals running your own practice.
The rest is inside the full guide
Chapters 3–8, the deduction checklist, and the self-check — unlocked instantly.
~100% of doctor clients are making at least one costly mistake
If your practice is bringing in good money, it’s easy to assume your finances are in good shape too. That assumption leads to expensive mistakes: a bookkeeper mislabels a $20,000 monthly charge, a retirement plan sits underfunded for a decade, a salary gets set too conservatively…
Table of contents
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What’s inside this physician tax planning guide
No generic financial advice. Straight answers to the questions we get asked most, written the way you’d actually search for them.
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Real numbers, not vague advice
What we actually see cost physician practices — from one miscoded expense to a poorly timed entity election.
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Should you switch to an S-corp?
When it’s worth it for a medical or mental health practice, and how to set a salary that holds up if the IRS asks.
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Tax deductions physicians miss
Licensing, CME, technology, home office, vehicle, and insurance write-offs most doctors never claim.
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Retirement plans for high earners
How pairing a Safe Harbor 401(k) with a Cash Balance Plan can shelter far more than the default contribution.
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A 2-minute self-check
See where your own practice stands before you talk to anyone.
8 chapters. What each mistake costs you, and how to fix it.
No filler. This is the same handful of mistakes we find, over and over, the first time a physician’s books land on our desk.
When “healthy numbers” hide a six-figure problem
How assets, draws, and real expenses get miscoded — and what it quietly costs you.
The $100,000 wake-up call
A real client case: one vague line item, repeated every month, and what fixing it saved her.
Choosing (and timing) the right entity
What actually changes with an S-corp election — and the deadline myth that stops doctors from switching.
The “reasonable salary” question
Why playing it too safe on your S-corp salary can cost $10,000+ a year in avoidable tax.
The retirement contribution gap
What a Safe Harbor 401(k) plus Cash Balance Plan can shelter — and what it compounds into by 65.
The deduction checklist most doctors miss
A full, specialty-specific list — licensing, CME, equipment, home office, and more.
The multi-state practice trap
Why practicing across state lines needs bookkeeping built for it from day one.
Rethinking how doctors should manage money
Why treating your income like a business asset changes the whole financial plan.
A physician came to us convinced her previous accountant had made a mistake. Her return showed she owed more than $100,000 in taxes, and with all her deductions, she was sure that couldn’t be right.
She was right — just not in the way she expected. Her practice carried a monthly equipment lease of over $20,000, but her credit card statement showed it only as “wire funds.” Her bookkeeper, going off that vague label, had booked the entire lease as an owner’s draw instead of a deductible business expense, month after month.
Built for the professionals we work with every day
Physicians
Solo and group practice owners across every specialty.
Therapists
Private-practice therapists managing their own books.
Psychologists
Clinical and counseling psychologists in private practice.
Psychiatrists
Solo and group psychiatric practices nationwide.
Find out what your books might be hiding
Can’t confidently say “yes, that’s handled” for your entity structure, salary, deductions, and retirement plan? This guide walks you through exactly what to check first.
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