#Tax planning for optometrist surgeon

[customaccountingcpa]

Tax Planning for Optometrist Surgeons: Key Strategies to Reduce Liabilities

As an optometrist surgeon, you not only focus on patient care but also manage the financial side of running a practice. Tax planning is a crucial aspect of financial management, allowing you to reduce your tax liabilities and keep more of your hard-earned income. Whether you own a practice, work in a partnership, or are employed, there are various tax-saving strategies tailored specifically for healthcare professionals. In this blog, we’ll explore key tax planning strategies for optometrist surgeons to help maximize deductions and optimize financial outcomes.

1. Maximize Deductions for Medical Equipment and Supplies

Optometrist surgeons often invest heavily in specialized equipment such as surgical tools, diagnostic devices, and eyewear technology. Fortunately, many of these purchases qualify for tax deductions. Under Section 179 of the IRS tax code, you can deduct the full cost of eligible equipment in the year of purchase, instead of depreciating it over several years. This is particularly beneficial for large purchases like laser surgery devices or advanced diagnostic machines.

Additionally, consumable supplies like lenses, surgical gloves, and medication used in patient care can also be deducted as regular business expenses. Keeping thorough records of these purchases and their usage is key to maximizing these deductions.

2. Utilize Retirement Contributions to Reduce Taxable Income

As a high-income professional, one of the most effective ways to reduce taxable income is by contributing to retirement accounts. Optometrist surgeons can contribute to tax-advantaged plans like a 401(k), Roth IRA, or SEP IRA if you own your practice. Contributions to traditional retirement accounts reduce your taxable income in the current year, while Roth IRA contributions grow tax-free, providing long-term benefits.

If you run a practice and have employees, offering retirement plans to your staff not only benefits them but also provides tax savings for you. Employer contributions to staff retirement plans are tax-deductible, and your practice may qualify for tax credits if you establish a new retirement plan for employees.

3. Deduct Rent, Mortgage, and Utilities

Many optometrist surgeons operate their own practices, either by renting or owning office space. Rent payments are fully deductible as a business expense. If you own the building where your practice operates, mortgage interest can be deducted from your taxes. Additionally, utilities like electricity, water, and internet service for your practice are deductible.

For those who manage administrative tasks from a home office or conduct telehealth consultations, the home office deduction could also apply. This allows you to deduct a portion of your home-related expenses, such as rent or mortgage interest, utilities, and home insurance, based on the square footage of your home office.

4. Take Advantage of Tax Credits

Optometrist surgeons may qualify for various tax credits, which directly reduce the amount of tax owed. For example, if you invest in energy-efficient equipment for your practice, you might be eligible for federal or state energy tax credits. If your practice provides healthcare coverage for employees, you could also qualify for the Small Business Health Care Tax Credit, which covers a portion of the premiums you pay for employee health insurance.

5. Depreciate Real Estate and Equipment

If you own the building where your practice operates or have invested in significant medical equipment, you can take advantage of depreciation deductions. The IRS allows you to depreciate the value of real estate and equipment over time, reducing your taxable income each year. This can be particularly useful for larger investments like surgical suites, diagnostic imaging equipment, or even renovations to your practice’s office space.

6. Work with a Tax Professional

Tax planning for optometrist surgeon can be complex due to the variety of deductions, credits, and retirement strategies available. Working with a CPA or tax professional who understands the healthcare industry ensures that you’re maximizing your tax savings while remaining compliant with tax laws. They can help you identify opportunities for deductions, avoid common mistakes, and optimize your tax strategy to fit your financial goals.

Conclusion

Effective tax planning is an essential part of managing a successful optometrist surgery practice. By leveraging deductions for equipment and supplies, contributing to retirement plans, claiming tax credits, and depreciating assets, you can significantly reduce your tax burden. Working with a knowledgeable tax professional can help you make informed decisions and ensure that your tax strategy evolves as your practice grows. Taking a proactive approach to tax planning not only saves money but also provides greater financial stability for the future.

[charlesteven]

What a medical accountant can do so you don’t have to

It’s totally ok if you don’t have the time to learn about medical accounting or accounting methods for medical practices.  Whether you’re a dentist, general practitioner, optometrist, physiotherapist, surgeon or some other medical specialist, getting support from a medical accountant is a great way to free up your time while having peace of mind that your financial health is taken care of.

With different ways of supporting you at every stage of your career, a medical accountant’s job description goes beyond preparing tax returns. Here’s how the help of a medical accounting expert can up your game.

Start-up advice

Many healthcare professionals double up as ambitious entrepreneurs and dream of having their own practice. Whether you’re starting up a practice or buying into an existing business, you can get help from your accountant:

Choosing your business structure. Operating as a sole trader, partnership, company or trust have different consequences in terms of tax, asset protection and risk. The right structure depends on your circumstances and preferences in each of these areas.

Consider funding alternatives. You’ll need to know your financing options and prepare a realistic business plan and cash flow forecast. Both are vital to getting loan approval or attracting investors.

Registering your business. You’re required to apply for a business name as well as a TFN and ABN. You’ll likely need to register for GST too.

Being spot on with people matters. Hiring staff brings about employer obligations. Rather than spending your time researching the latest rules, your accountant can help you stay informed with payroll, superannuation guarantee and WorkCover developments.

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[energyacquisitionspecialist-blog]

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[vbcpa-blog]

Surprises are for birthdays, not for tax time! Expect more. At vbCPA - being a tax professional isn’t just about crunching numbers. It is about going beyond what you expect from your tax partner, being responsive and knowledgeable, and being proactive in tax planning to prepare you to meet the challenges ahead, so that there are no surprises at tax time! Our goal is to provide an unparalleled level of client service. #vbcpa #accounting #tax #taxplanning #smallbusiness #tax #irs #deductions #taxpayer #finance #doctor #dentist #dental #chiropractor #dermatologist #orthodontist #optometry #physical_therapist #physician #optometrist #ophthalmology #pediatrician #podiatrist #audiologist #doctors #healthcare #medical #Cardiologist #oncology #surgeons https://www.instagram.com/p/Bs8tB3bFCcG/?utm_source=ig_tumblr_share&igshid=1t4gkc7on15nc

[goodtogomortgage-blog]

Physician Loan? Veterinarian Loan? - Physician Loan Right for You?

Physician Loan? Veterinarian Loan?

Is a Physician Loan Right for You?

Are you a physician? Dentist? Veterinarian? Optometrist? Nurse practitioner? Or physician assistant? If so, you could qualify for a specialized home mortgage program for physician loans. Your physician loan has a low down payment, doesn’t require mortgage insurance, and is available in jumbo loan amounts. Physician Loan Guide This guide from Good to Go Mortgage covers the details of a Physician Loan. This is provided so you can decide what is best for you. We will cover: What medical professionals qualify? What are the features of a Physician Loan that make it different from other mortgages? What are the requirements to qualify? What about mortgage insurance (PMI)? What about a down payment? What about the interest rates? What terms are available? Can I refinance my physician loan? Is a physician loan always a good idea, if I qualify? If not, what is better? The popularity of physician loan programs has been on the rise lately. Greater awareness of the programs have lead to physicians taking advantage of the exceptional offers available to them. Doctors are seen as low-risk borrows to lenders. The medical profession offers a stable job market and high salaries. That’s why the physician loan program has grown over 9 fold in the last 10 years.

What medical professionals qualify for Physician Loan programs? The physician loan programs are designed to give those with medical training a specialized mortgage option. Many medical professionals deal with excessive student loan debt. This gives you a way to realize the dream of home ownership much sooner than would otherwise be possible. A signed contract for employment is the first step. Professionals who may qualify include:

Physician Assistants Nurse Practitioners Surgeons Medical Residents Fellows Attending Physicians Optometrists Veterinarians Dentists Physicians If you have medical training of any type, check to see if you qualify. What are the features of a Physician Loan that make it different from other mortgages? A physician loan is different from other typical home mortgages. The focus on specific challenges that physicians face in qualifying has shifted the key features. How is it different than typical mortgages? Here’s some of the common features: Student loan debt is considered less critically Very low or zero down payment options Private mortgage insurance is not required (PMI) even with less than 20% equity Jumbo Loan amounts don’t increase the interest rate Your signed employment contract is considered to be proof of income It is this combination of features that make it possible for many physicians to purchase real estate. New doctors look for property close to the hospital where they work, since rental options are often scarce. More seasoned physicians look for jumbo loans on luxury properties. What are the requirements to qualify? Qualification requirements for a physician loan have some differences from typical mortgages. There are some requirements that are the same. Your signed employment contract is considered as proof of income. Supplying the last few years of your taxes may not be necessary. A traditional mortgage will limit your DTI (debt to income ratio)to 35 to 40%. Physicians often have high DTIs because of high student loan debt. A physician loan can exceed these normal ratios. Either the impact of your student loan debt will be recalculated, or in some cases dismissed completely. Once your DTI is lowered, you qualify more easily for financing, and for better terms. Your credit score is important when applying for any loan. The better your credit score, the more likely you are to qualify, and have a choice of terms. Prequalify Today for Your Physician Loan What about mortgage insurance? Usually, you have to pay a monthly fee, called PMI, until there is 20% equity in your property. Typically PMI costs between 0.3 to 1.5% annually, based on the face value loan. A 20% down payment means no PMI on any mortgage. Avoid paying the PMI even before you have 20% equity. What about down payments? A physician loan is specifically designed for doctors who have high income, and low savings. This is usually attributed to the high cost of medical education. You can choose to purchase a home based on your current income level, not on your past debts or expenses. Low or zero down payments are typical. The down payment requirement is based on a combination of your income and the property. That’s why every situation is unique. Check what your down payment will be. What about the interest rates? Interest rates are highly competitive. Medical professionals are considered to be extraordinary clients, so rates are excellent. Rates vary based on the property you are looking to purchase, or to refinance. The interest rate is also based on your income, credit score, debt, retirement savings and liquid cash reserves (money in your savings or checking accounts). Check today’s rates for your physician loan. What terms are available? Physician loan mortgages have the same terms as other mortgages. Many physicians choose shorter terms if they believe they will not be remaining in the same property, or area for the longer terms lengths. The professionals at Good to Go Mortgage can advise you on the best term options for your situation. Can I refinance my physician loan? Yes, absolutely. If you already have a physician loan you will want to review it, just like you would any other mortgage. It is time to review and decide if refinancing is a good idea when: There is now more than 20% equity in your home The interest rates drop Your credit score goes up You pay off your student loans The balance on your loan is now lower than the jumbo loan limits in your area You are thinking of changing your plans You could use some of the equity in your property in cash Most doctors who have had a physician loan for a few years are best to have it reviewed to see if it is a good idea to refinance. Review my physician loan. Is a physician loan always a good idea if I qualify? No. A physician loan is an exceptionally good idea in many situations when medical professionals and their property qualify. In other situations, other mortgage options can be a better idea. Consider these aspects of your situation:  If you already have a 20% down payment, a conventional mortgage is better. If you are in the military, are a veteran, or are in the reserves, a VA loan is another option. Compare my options. The physician loan program is designed to allow medical professionals to secure their futures by owning real estate. With student loan debt, and high rental costs near medical facilities, all kinds of doctors are taking advantage of this exceptional opportunity. A physician loan can help you stop wasting money on rent, or move into the luxury house of your dreams. Prequalify today. Read the full article

[optometrist0]

How Long Is Optometry School

Contents

Eyes and applicable visual systems for

Estimate the cost

From the medical

Schools covers many countries

This program lasts four years

Optometry School Requirements FAQs for students applying to and/or enrolling in the UIW Rosenberg School of Optometry program. About; … How long are OAT scores valid?

Optometry students at Ferris State University are getting a chance to “see” just … a third year optometry student. “It’s life-long learning, it’s not just memorizing something for a test.” Performing eye exams on kids that are the same …

How long is optometry school? It usually takes seven to eight years before you become full pledge optometrists. Get started your optometry career now with our

Doctors of Optometry recognize that continued professional education is a life- long responsibility in order to maintain the full scope of optometric services for the benefit of the patient. All fifty states and the District of Columbia require Doctors of Optometry to take continuing education courses to be eligible for license renewal.

Considering Optometry School? … Doctors of Optometry recognize that continued professional education is a life-long responsibility in order to maintain the full …

Optometry is a health care profession which involves examining the eyes and applicable visual systems for defects or abnormalities as well as the medical diagnosis and management of eye disease. Traditionally, the field of optometry began with the primary focus of correcting refractive error through the use of spectacles. Modern day optometry…

Get answers to frequently asked questions about optometry school – expenses, GPA, OAT scores, undergraduate studies, prerequisite scores, the application process and …

Jun 12, 2017 … How long does it take to become an optometrist? If you had just completed your high school education, it would take you between 7 and 9 years to become a licensed optometrist. Here's the rundown of how many years of college needed to become an optometrist. Complete the prerequisite courses.

When are applications accepted? What is the application fee? How expensive is optometry school? Is financial aid available? How can I estimate the cost of my optometric education? Is there a minimum OAT score or grade point average? How long are the OAT scores valid? What is the admissions interview like at SCO ?

Jan 10, 2011 … easier school negatives not a lot of respect from the medical community having to sell stuff (ie glasses) I think optometry is trying to make itself more legit but it has a long ways to go. In the future it may be better. Still I think most MDs view optoms as mall cops in comparison to a real policer officer (M.D).

A Chicago college that calls itself one of the oldest optometry schools in the country plans to refinance … there’s going to be a need for more eye care,” he said. Yet despite its long history, enrollment at the college hasn’t kept pace with …

The following list of optometry schools covers many countries, although the list is not exhaustive. Internationally, optometry as a profession includes different …

Even before the construction of a $24.5 million state-of-the-art science center, and major renovations to its nursing and allied health spaces, Newman University was a leader … categories – medical, dental, optometry, pharmacy – and an …

How Long Does IT Take to Become an Optometrist? … Optometry Schools and Training Programs Read on to find out more about careers in optometry and the education …

Nov 20, 2003 … Why should optometrists know about their history? 1. Optometry is, and always … What school awarded the first O.D. degree, and what schools were the last to adopt the O.D. as the professional optometry ….. When and how did the optometry program at Indiana University begin? Discussions began in the …

Optometrists are not medical doctors and receive an “O.D.” degree; they attend optometry school for four years and are not required to undertake postgraduate … on the inadequacy of training and lack of public accountability and standards, compared with those that have long been in place in medicine and ophthalmology.

When a student is “pre-optometry”, he or she is not only taking the classes required for admission to optometry school, but also has a major in a specific subject matter area. A student can choose any major and still go to optometry school as long as he or she has 1) successfully completed the courses required for admission …

Persson, OD, MS, FAAO, of The Ohio State University College of Optometry, Columbus … The batters "kept their …

There are few emergency calls in optometry, and flexible hours allow for a personal life. How long will it take to obtain my optometry degree and what is the curriculum like? The doctor of optometry degree generally takes 4 years to complete. In a typical optometry school, the first two years are spent on basic science – gross …

Optometrists provide vision care for patients such as diagnosing vision problems, prescribing corrective lenses and testing for eye disease. All 50 states require licensure for optometrists to practice optometry. Optometrists are professionals who must go through extensive education to qualify for licensure. According …

Reader question: I want to be an eye doc, but I dont how much college is needed. Also, how long is optometry school? Can you answer my questions?

So this may come off as troll-like or inflammatory, but please excuse my ignorance. I just met a first year optometry student and talked a little…

A person may also perceive the damage as “waviness,” said Bisant Labib, assistant professor at Salus University’s Pennsylvania College of Optometry … With an eclipse, it is unclear just how long a person would have to look to …

Feb 21, 2017 … Offering a four-year Doctor of Optometry degree. The School of Optometry was established in 1969 and has held accreditation from the Accreditation Council on Optometric Education of the American Optometric Association for the past 40 years. The University of Alabama has been consistently ranked by …

Celia Hinrichs is a doctor of optometry and a fellow in the College of Optometrists in Vision Development … behavioral optometrist and I discovered behavioral optometry. Q: How long have you been practicing behavioral optometry? A: I …

How to Become an Optometrist. … Most optometry schools require coursework in biology, … It sounds like a long time, …

You'll need to complete a four-year Doctor of Optometry (O.D.) program that combines classes and supervised clinical experience …. I concurrently learned how long it was going to take me to achieve my goals of becoming a surgeon, yet as an optometrist, I would be out at a younger age with a great career ahead of me.

In addition to our doctor of optometry program, the College of Optometry offers residency programs in multiple specialties and a master of science in vision science program, and a PhD in Vision Science program that prepare students for teaching or research in the ophthalmic industry. We also partner with the College of …

I'm a junior in college and a Pre optometry … Is it worth the amount of schooling to … I think optometry is trying to make itself more legit but it has a long …

Typically, 6% of children Evie’s age will be long or short-sighted. But for children with Down’s that proportion shoots up to 60%. Until a dedicated unit was established at the university’s School of Optometry 25 years ago, very little was …

Before making any decisions that have long … to get optometry services on the cheap. But if optometrists are wanted, quality cannot be compromised. Kaphle …

ALDI is paying university graduates more than dentists … According to Graduate …

"Kiplinger" magazine chose optometry as one of the 13 best careers for the decade of 2010 to 2020 because of the job's high wages, prestige and generally successful patient outcomes. Optometrists check vision, prescribe lenses and care for patients before and after surgery, but they do not perform eye operations.

Admissions FAQ – Michigan College Of … as long as it does not have a lab component … of Arts and Sciences and the Michigan College of Optometry, …

These schools offered diplomas in optometry courses of two years duration validated by State Medical Faculties. Subsequently, four more schools were opened across India situated at Sitapur Eye Hospital, Sitapur in Uttar Pradesh, Chennai (formerly Madras) in Tamil Nadu, Bengalooru (formerly Bangalore) in Karnataka …

But are there any serious, long-term dangers associated with digital screens … an associate professor and researcher at the State University of New York School of Optometry. “A lot of people don’t realize this, but when you’re viewing …

How much optometry school should cost. Prices paid and comments from CostHelper's team of professional journalists and community of users. Public optometry school tuition , sponsored in part by state tax dollars, runs $10700- $20200 for residents annually or about $42000-$74800 for the complete program .

The UAB School of Optometry is preparing our students to be the nation's leaders in providing comprehensive, evidence-based eye care and discovering new principles of vision science.

You will find a world-class education at the Indiana University School of Optometry, IUSO. Our rigorous, four-year professional degree program will equip you with the academic and clinical skills you need to achieve your goals as a practicing optometrist. In addition to our renowned Doctor of Optometry program, we offer a …

Because the number of optometrists is limited by the number of accredited optometry schools, licensed optometrists should expect good job prospects.

Optometry Council of India (OCI) will visit these identified schools and their well-qualified Optometrists …

After that, you'll begin your optometry program. this program lasts four years and results in a Doctor of Optometry degree. As of November 2013, there were 23 schools accredited by the American Optometric Association, the accrediting body for optometry schools (www.aoa.org). Classes you're expected to complete in …

Optometry Test Contents Applicants' potential for success. the Respond under normal seeing conditions. however Measure general academic ability and comprehension Oat test preparation with Annual schools for And yearly checkups problems The Optometry Admission Test, or OAT, is the exam that anyone who wants to study for a career as an optometrist in America must take as Dr Of Optometry Salary Contents Optometry degrees. these programs charge annual Schools for optometrists Salary canada. see Vision problems and yearly checkups Problems like farsightedness and nearsightedness Elite School of Optometry offers Master of Philosophy (MPhil) Optometry and Doctor of Philosophy (PhD … "An optometrist can start his job as a trainee with a salary package of Rs. 7,000 Doctor Of Optometry Course Contents Was … each candidate The standard for all other Requires four years And canada for those Optometry Today Jobs Contents Insurance and are more likely And debunk the notion that retail Opticians and more through optometry today Care products eye care professional and Jobs 1 – 15 of 1892 … Find all Optometrist jobs at iHireOptometry.com. All Optometrist jobs available. Dr. Bordwell said about 60 percent of people today have eye insurance and are

from http://bestoptometrists.net/how-long-is-optometry-school/

[vbcpa-blog]

Here are some important tax deadlines for the first quarter of 2019. January 31, 2019: -Employers must file 2018 Forms W-2 with the Social Security Administration and provide copies to your employees -File & provide copies of 2018 Forms 1099-MISC to anyone that your business paid more than $600 to in 2018 and is subject to the 1099 filing requirements -File the 2018 Form 940-Employer’s Annual Federal Unemployment (FUTA) Tax Return -File the 4th quarter 2018 Form 941-Employer’s Quarterly Federal Tax Return -File the 2018 Form 945 - Annual Return of Withheld Federal Income Tax. You will use this form to report income tax withheld on all nonpayroll items, including backup withholding and withholding on accounts such as pensions, annuities and IRAs March 15, 2019 This is the due date for calendar-year partnerships or S corporation tax returns. If you can't file your return by 3/15, then you must file for a 6 month extension by 3/15. This is also the last day to make 2018 contributions to pension and profit-sharing plans #vbcpa #accounting #tax #taxplanning #smallbusiness #tax #irs #deductions #taxpayer #finance #doctor #dentist #dental #chiropractor #dermatologist #orthodontist #optometry #physical_therapist #physician #optometrist #ophthalmology #pediatrician #podiatrist #audiologist #doctors #healthcare #medical #Cardiologist #oncology #surgeons (at San Francisco, California) https://www.instagram.com/p/BsQVMLCl9B8/?utm_source=ig_tumblr_share&igshid=1sgnrvmj2n1kg