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EXPERT TAX STRATEGY

Leveraging deep knowledge and experience in tax laws, we develop strategies that align with individual or business goals, ensuring compliance while minimizing liabilities.

This proactive approach not only addresses current tax obligations but also anticipates future changes, positioning clients for long-term financial success.

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Leveraging Monika Hengesbach's Enrolled Agent status and NTPI Fellow designation, along with her three decades of experience serving over 1,000 clients, she provides superior tax advice, IRS representation, and resolves complex tax issues with proven expertise and reliability.

Offering personalized, concierge-level tax services means that Decision Financial goes beyond the standard approach to tax management by providing highly tailored services that cater to the unique financial landscapes of each client. This approach involves a deep understanding of each client’s personal and business financial goals, enabling the firm to offer solutions that are specifically designed to optimize tax outcomes and enhance financial health.

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We prioritize clients' unique needs and goals, ensuring personalized tax strategies and solutions through collaborative planning and open communication. This philosophy fosters strong, trusting relationships, with every action tailored to achieve the best outcomes for clients, emphasizing respect, transparency, and empowerment.

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5 Tips to Help Doctors Become Tax Savvy and Heal Thyself

July 04, 20241 min read

How To Heal Thyself

Doctors have been subjected to some intense economic changes.

Over the years, they have faced Medicare and insurance reimbursement cutbacks, and steadily increasing every year are the costs for malpractice insurance, billing services, nurses, administrative staff, physician supplies, and record-keeping systems.

With all of these issues, practicing medicine doesn’t look as good, at least as a business.

"What can be done to stop the bleeding?"

One way is to become a “tax savvy” doctor.

Doctor using an Ipad

The following are 5 tips to get you on your way:

  1. Choosing your form of business wisely. You can conduct your medical practice as a sole proprietorship, a partnership, a personal service corporation, or an S corporation. Which one is right for you?

  2. Consider leasing rather than buying. Equipment leasing could offer financing and tax benefits that purchasing does not have.

  3. Maximize your retirement. There are many kinds of plans to choose from. The plan you choose will depend on what type of entity you are, the number of employees you have, and the amount of retirement income the plan must provide.

  4. Keep a good set of books. You don’t want April 15th to sneak up on you and you are scrambling to find all of your receipts. This kind of accounting could lead to costly mistakes in the form of missed deductions. Missed deductions lead to higher taxes!

  5. Knowing the true meaning of April 15th. The only work on April 15th is the filing of your tax return. The real work is done during the year – PLANNING. Planning is what makes April 15th a breeze.

Depending on your personal tax situation, implementing these suggestions as well as others could help stop the bleeding and put you on your way to becoming a “tax savvy” doctor.

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535 Silicon Dr. Ste. 101

Southlake, TX 76092

Office: 817-268-9352

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