
Why physicians owe tax on their share of practice profit rather than the cash they take out, and how entity type, footnotes and late K-1s can change the final bill.

Spencer Carroll is a CPA at Gelt.

Why physicians owe tax on their share of practice profit rather than the cash they take out, and how entity type, footnotes and late K-1s can change the final bill.

Start thinking about taxes now to maximize your deductions later, even if it takes more time than usual.

The tax code offers more opportunities than many practice owners realize. Some are obvious. Others are easy to miss.