In this video, we will be addressing a question that was left as a comment on our YouTube channel. The question is, "What are the common tax deductions that physicians who earn 1099 income can claim?"
If you are a physician whose income is derived from 1099, you may not be taking advantage of all the possible tax deductions available to you, whether it’s your primary source of income or a side gig.
Key Insights 💡
- 💡 The home office deduction can be a powerful deduction for physicians with self-employment income, allowing them to deduct a percentage of various expenses related to their home office.
- 💡 Internet and phone expenses can be deducted for self-employed physicians, but it's important to document and calculate the business use percentage accurately.
- 💡 Travel expenses, such as airfare, meals, and transportation, can be deducted for business purposes, but they must be properly documented and meet the criteria of a legitimate business trip.
- 💡 Vehicle deductions can be calculated either by a percentage basis or using the mileage deduction, but accurate tracking and documentation are crucial.
- 💡 Deductions for memberships, dues, and education expenses related to self-employment can be valuable for physicians looking to improve their skills or maintain professional affiliations.
- 💡 Business insurance premiums, including auto insurance and medical malpractice insurance, can be deductible for self-employed physicians, but they must be directly related to the business.
- 💡 Marketing costs, including website expenses and advertising, are deductible for self-employed physicians as they directly contribute to the growth and improvement of the business.
Highlights 🕒
0:00 Introduction
1:38 Home Office
2:27 Internet & Phone
3:19 Travel Expense
4:03 Car and Vehicles
4:58 Memberships, Dues, Education
5:40 Business Insurance
6:32 Marketing
7:15 Retirement Accounts
8:09 Health Insurance
9:00 Self-Employment Taxes
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Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.
