Accountant for medical professionals

Given their tough routine, medical professionals, especially specialists, hardly have the time to rest. They get up early in the morning to visit their patients in hospitals and nursing homes, check their health, check the dressings of the patients they have conducted surgery upon, and prepare for the surgical procedures of the day. More often than not, they return home late at night, sans energy. They follow this routine throughout the year without any holidays. It is the same with general physicians too. They too hardly have any time spare after completing their daily chore. Given these facts, it is easy to understand why the medical profession is one of the most demanding. However, they too have to pay taxes on their income. Given their hectic schedule, they hardly have time to prepare their tax papers on their own and have to depend on professionals to carry out the task for them.

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Opting for a specialist

Although standard accountants might be able to file the income tax returns of doctors, it is better to opt for accountant for medical professionals. These specialists are well versed in costs incurred during surgical procedures, the capability of the doctor and the prices they typically charge per hour while carrying out surgical procedures. Apart from this, many surgeons purchase their own medical equipments. The tax specialist should be conversant with the prices of such equipment and the depreciation charges on them, as the latter will determine the cost of the capital for the taxable year. Since these accountants visit medical seminars, they are up to date with the latest surgical procedures and the average costs of carrying them out. Preparing the papers improperly might result in scrutiny in the future and can cause problems for the doctor or the surgeon. However, the medical practitioner should always check the history and credibility of the professional before hiring him. This ensures that there are no problems in the future.

Lack of knowledge

Medical professionals hardly have any knowledge about taxation. They do not know how they can make use of certain sections of the income tax laws to reduce their payable tax as much as possible. The tax professional should have knowledge required to research and prepare statements, records, financial reports, as well as income tax procedures for medical professionals. They should also be conversant in organising journal entries such as allowance entries, adjusting entries, apportioning expenditures etc. An accountant for medical professionals should have adequate knowledge about long term business planning, tax planning inclusive of tax refund, and tax benefits, which will help the doctor minimise his payable taxes. The specialist should have in depth knowledge about software used for preparing balance sheet and the ability to prepare quarterly interim financial statements like annual income tax report, comprehensive monetary report as well as monthly basic allowance for subsistence (BAS) report for tax benefits. The professional not only helps the surgeon or doctor by preparing and filing his income tax papers, he allows them peace of mind, required for carrying out accurate diagnosis and surgical procedures too.