Tax Planning
When looking over the portfolios of those in the medical field, it’s worth noting that physicians are most often in the highest tax bracket. This means that tax savings are very important for doctors, as well as for those who are self-employed who may also face higher rates of taxation. The best method of creating tax savings varies by client, so Wall Street Alliance Group takes care to make the best choices for your situation after meeting with you to gather information and talk about your needs then performing an in-depth and careful analysis.
This might incorporate coordination with CPAs for business-related deductions, which may include a qualified business income (QBI) deduction, a personal write-off that can be claimed whether or not you itemized your deductions, without affecting your status as a self-employed individual or reducing your business income. We can also help you find ways to lower the taxes on property, such as cost segregation for real estate you own, land easement, or bonus depreciation, which is an accelerated depreciation for qualified property.
We are also experienced in helping you maximize retirement vehicles, such as a 401(k) or Defined Benefit Plan that you may set up for your business. While looking at your business as a unique entity, we can help you decide whether the LLC model is best for you or if you should move to a sole proprietorship for the best benefit to your business.
Lastly, we know the ins and out of state taxation and can help you make the most of credits available, such as applying for the Georgia HEART Rural Hospital Organization tax credit which can give GA taxpayers a 100% tax credit for the amount contributed to qualified regional hospitals. State tax deductions can also be found for contributions to children’s 529 Plans, which also let you begin early to set up your child’s higher education fund.
