Practicing medicine can be exceptionally rewarding, holistically fulfilling, and…utterly exhausting. When you're ready to hang up your stethoscope and venture into your next phase of life, it's critical that you have taken the right steps today to walk into the retirement future you've always envisioned. Whether you want to travel the world, spend time with family, or embark on extreme fly fishing, it all hinges on your ability to proactively plan for retirement.
Day in and day out, you dedicate your life's work to saving lives and improving the wellness of others. Far too often, however, your dedication often leaves little to no time for matters in your own life, such as tax planning. But the MB Group offers an entire team of specialized support and guidance for physicians.
You've worked hard to create a nest egg to support your lifestyle and help those closest to you toward their own goals. However, if you fail to engage in estate tax planning, the inheritance you leave to those you love the most could be given to the wrong person: Uncle Sam. Fortunately, the team at MB Group can help. We offer years of experience helping our clients create tax strategies to protect their wealth. Let's take a closer look at a few of the top estate planning strategies you may be able to use.
Taxes can be extremely taxing for small business owners. Because you're already the CMO, CEO, CIO, and everything else, the last thing on your plate is to pay Uncle Sam more of your hard-earned business money. Thankfully, there are a number of different tax strategies you can use to reduce your taxable income and save money—and the team at the MB Group can help. Let's take a closer look at some of the top strategies you can use to save money and lower taxable income for small businesses.
You've worked to build the nest egg that can last you throughout your golden years and leave an inheritance to those you care about the most. However, if you fail to utilize effective tax planning strategies, you could be giving Uncle Sam a sizable portion of your savings and dramatically changing your retirement outlook. Fortunately, there are several simple and advanced tax planning strategies you can employ to reduce your tax liability. And the experienced team at the MB Group can help. We've outlined a few of the top tax planning strategies you can use to help ensure your golden years in retirement are as astonishing and relaxing as you deserve.
Health savings accounts (HSAs) are a growing trend in health care. An HSA is a tax-exempt savings account established for the purpose of paying for the qualified medical expenses of an individual and/or his or her spouse and tax dependents. HSAs are designed to provide eligible
If you're a real estate investor or commercial property owner, one of the most valuable tax deductions is depreciation. While the concept of depreciation may not be foreign to most, it can become exceptionally complicated when coupled with taxes and commercial real estate. However, the IRS offers helpful guidelines to make depreciation-related deductions on business real estate easier and more transparent.
As if 2020 wasn't already tumultuous enough: tax season is upon us. And just like every other facet of life, COVID-19 has indeed had an impact on taxes. If you're not careful and meticulous about your tax planning, COVID-19 tax laws and issues could cause you to stumble and make a very costly mistake. Fortunately, you have options.
Small businesses are the heartbeat of the United States economy. Unfortunately, small businesses have been under assault from every direction due to the COVID-19 global pandemic. Facing closures, it's important for business owners to utilize every tool at their disposal to navigate the best path forward.
Contrary to popular belief, what you don't know can hurt you, especially when it comes to tax deductions you may have missed for your business. Failing to capitalize on all of the tax deductions you may be entitled to is synonymous with leaving the proverbial "money on the table." However, making sure you have maximized every tax deduction available is easier said than done —unless you have year-round tax planning with an experienced accountant or CPA.