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 Jeffrey J. Denning

In today's competitive environment, well-established practices still have sales value... if the conditions are right. That's because it's much easier for physicians to buy a practice and grow it to fit than it is to build one up from a dirt floor. But an unexpected and unplanned practice sale is likely to produce disappointing results.

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 Terry Allman, CPC, QPA, QKA, CRPC®, Kimberly Renners, MBA

Over the last few years, many physicians have re-examined not only their investment assumptions, but also their relationships with investment advisory professionals. Declines in market values, like the 2007-2008 40% drop in the S&P 500, often cause investors to rethink their investment strategies. Today’s investors have an even greater concern with their investment advisory firms. The unraveling of Bernie Madoff’s and Allen Stanford’s ponzi schemes made headlines nationwide. Many investors were shocked at the collapse of the “supposedly-elite” Bear Stearns and Lehman Brothers as a result of their own mismanagement. In April of 2010, the SEC filed fraud charges against Goldman Sachs for actions that allegedly cost their investors over $1 Billion. The volatility of the market returns along with the cracking of the Wall Street foundation leaves many doctor-investors very uncomfortable with the idea of just “staying the course.” Who can blame physician investors for looking at other options for investment advice?
If you have thought about changing the direction you go with your investments or would value a second opinion on your current strategy, this article should prove helpful.

By Michael Lewellen, CFP®, R. Paul Wilson, CRPC®

As advisors to young physicians across the country, we are often asked the question: "What is the most important thing I should be doing financially in the first years of practice?" Our answer is simple: "You need to build a solid foundation" - yet, the application of this concept (Foundation) is different for each physician. However, as with patients, we often see very common symptoms and can make some generalizations about what is involved in creating a "financial foundation" for many young doctors. We will do that here in this article.

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 Michael Lewellen, CFP®

Why coordination of experts is as important to your wealthcare as your healthcare. Join us for our first webinar of the new year, where we will discuss:

- Integration of tax, legal, investment and financial planning for your overall benefit in 2011 and beyond
- The importance of tax planning ideas vs. tax return preparation
- Why tax, corporate structure and benefit planning MUST be examined together
- How to build a team of advisors who will look at your financial situation globally
- The advantages of starting 2011 with a "second opinion" on your 2010 planning decisions

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 David B. Mandell, JD, MBA, Kimberly Renners, MBA

Captive insurance companies (CICs) have become more common in recent years for small closely-held businesses, including professional practices, such as consulting firms, law firms and medical practices. In fact, our firm – whose principals have worked with CICs since the late 1990s – has seen an increase steadily over the decade – especially during the medical malpractice insurance crisis earlier this decade. While CICs can offer a medical practice, large group or even hospital system significant asset protection, risk management, and tax benefits, we have seen a significant lack of proper investment advice in many common CIC arrangements. This is unfortunate, as a sub-optimal investment approach within the CIC can erode many of the financial benefits for which the CIC was created in the first place.

By Michael Lewellen, CFP®, R. Paul Wilson, CRPC®

As advisors to young physicians across the country, we are often asked the question: “What is the most important thing I should be doing financially in the first years of practice?” Our answer is simple: “You need to build a solid foundation” – yet, the application of this concept (Foundation) is different for each physician. However, as with patients, we often see very common symptoms and can make some generalizations about what is involved in creating a ”financial foundation” for many young doctors. We will do that here in this article.