By Carole C. Foos, CPA, David B. Mandell, JD, MBA

As we approach the 4th quarter of the year, most of our clients now have a fairly good idea on what their taxable income will be for 2011. If you are like these clients, you may be wondering "Is there anything I can do NOW to save taxes on April 15th"? The answer is very likely "yes." This short article will lay out a few ideas - each of them could save you tens of thousands of dollars on your 2011 income tax bill, depending on your facts and circumstances.

By Jane Fink-Silvers

On June 30, 2011, Ohio Governor John Kasich signed legislation that repeals the Ohio Estate tax for decedents dying on or after January 1, 2013. This is a big change to Ohio law that will likely impact every Ohio resident, either directly or indirectly.

By Tanya McCaffery

You have worked hard, in these times usually harder then you've ever had to, to market your product. You've spent the money on the marketing, spent the time on the business development and you've built your customer base. Your company has a solid reputation and clients are coming in. Now is the time to make sure that you convert the revenues you have worked so hard to earn into money in your bank account.

By Tanya McCaffery

Have you ever heard the old phrase, "just because you can, doesn't mean you should?". This is often the case with the internal accounting department. In this day and age, of technology and information as an asset, the internal accounting department is quickly becoming the epitome of something that"just because you can, maybe you shouldn't." In my work with small to midsized companies, I often hear the complaint that it is much easier to have an in house accounting department. But, easier why?

By Christopher R. Jarvis, MBA, Karen Zupko

Becoming an employee at a hospital can be a great fit for many doctors. But, for many others, this decision could come at an unnecessarily high financial cost. Read this article and you'll understand how much more Net Income (net of overhead and taxes) you can achieve in private practice when you invest in better management and systems. Once you understand how good things could be for you, you will be able to more fairly assess the costs and benefits of giving up private practice for hospital employment.

By Carole C. Foos, CPA, David B. Mandell, JD, MBA, Jason O'Dell, CWM

As a physician, do you realize that - between income, capital gains, Medicare, self-employment and other taxes, you spend 40 to 50% of your working hours laboring for the IRS and your state? That is a lot of time with patients for someone else's benefit. Given the significance of this fact, shouldn't your advisors be giving you creative ways to legally reduce your tax liabilities? How many tax-reducing ideas does your CPA regularly provide you? If you are like most physicians, you probably get very few tax planning ideas from your advisors.

By Carole C. Foos, CPA, Jason O'Dell, CWM

If you think medicine is a difficult business today, “you ain’t seen nothing yet.” You are about to face your largest financial challenge ever. There is an approaching confluence of events that could have a significant financial impact on most doctors – unless you do something to protect yourself.

Medicare reimbursement cutbacks, which has begun for many specialties, will reduce the income of many doctors. Even if you don’t treat Medicare patients, you are not immune to this cut. If your private insurance contracts offer you some percentage (say 120%) of Medicare, a cut in Medicare reimbursements will lower your insurance reimbursements. In addition, the healthcare overhaul may bring a host of financial challenges none of us can accurately predict at present.

By Christopher R. Jarvis, MBA, Jason O'Dell, CWM

Changes in tax laws can catch successful people off guard. With most physicians so busy worrying about potential reimbursement reductions, they don’t have the time to address the important challenge of establishing a tax-wise estate plan for their families. In our experience, fewer than 5% of doctors have an adequate estate plan in place when we meet. This upcoming tax law change will create even more shortfalls in most doctor families’ planning.

By David B. Mandell, JD, MBA, R. Paul Wilson, CRPC®

Each month, we speak with physicians across the country, many of them specialists like orthopedists and orthopedic surgeons, who are hospital employees and are frustrated with the type of tax and retirement planning options they have, compared to their colleagues in private practice. At the same time, a common trend in the medical landscape today is the acquisition of medical practices by hospitals – so more and more specialists are becoming hospital employees everyday. If you are a presently a hospital employee or one who is considering the move, this article is a must-read.

By Carole C. Foos, CPA, David B. Mandell, JD, MBA

As a CPA with 20+ years of experience and an attorney lecturer to CPA groups nationwide, we are always surprised how few physicians have gotten any advice or even direction on asset protection from their CPAs. Ask yourself: has your CPA helped you shield your assets from unnecessary exposure? Likely not.