Now playing
$23,000 Found: A Physician’s Guide to Accountable Plans and Home Office Deductions
Episode 12
Is your corporation missing out on critical deductions? See how we found nearly $23,000 for this physician with proactive oversight.
Learn more
Angie M Grainger
9 December 2024
1 Min Read
$23,000 Found: A Physician’s Guide to Accountable Plans and Home Office Deductions
Starting a business is exciting, but for many physicians, handling the nuances of financial management can feel overwhelming. Between patient care, administrative tasks, and overseeing a new corporation’s finances, it’s easy to overlook certain opportunities for deductions. That’s exactly what happened to one physician, who missed nearly $23,000 in potential tax savings because of a simple setup oversight.
In this case, the physician had recently launched a new corporation. Although the basics were in place, they hadn’t been advised on an essential step: creating an accountable plan to cover reimbursable expenses. An accountable plan allows a business to reimburse the owner for out-of-pocket expenses like home office costs, automobile use, and supplies, all without adding to taxable income. Without it, these valuable deductions are often missed entirely.
Because we were monitoring this physician’s finances from both a personal and business perspective, we recognized the lack of an accountable plan early on. After implementing the necessary steps, we were able to uncover nearly $40,000 in previously overlooked deductions. This setup allowed the physician to save nearly $23,000—an amount that would have gone entirely undetected without our proactive oversight.
Stories like these remind us of the importance of detailed financial oversight and proactive planning. For many business owners, the complexity of tax laws and accounting can be daunting, especially when they’re busy managing their careers. In this instance, our diligent approach helped the physician save a substantial amount while gaining confidence that their finances were in good hands.
Ongoing tax planning isn’t just about saving money in one tax season; it’s about building a foundation for long-term financial health. When we’re able to dive into every detail, we find overlooked opportunities that can make a huge difference. This physician’s story is just one example of the impact our team can make by simply asking the right questions and keeping a watchful eye on every financial angle.
We’re focused on one thing: helping you live a better, more prosperous life.
Our goal is to help clients like you flourish financially and personally. With year-round oversight and proactive planning, we uncover hidden savings and help protect your hard-earned income. Curious to learn more about how we can help you? Reach out to see how our services can support you on your journey to financial prosperity. Speak with us today—we’re here to help.
Money Found Stories
