First, here are your free resources…
What Issues Should I Consider When Starting a Business [pdf checklist]
Am I Eligible For a Qualified Business Income Deduction? [pdf flowchart]
There are many financial considerations that private practice owners must review at various points in the life-cycle of their businesses. Most decisions you make will not be set and forget it.
It is important to ask important questions of yourself and your business to spot proper planning opportunities, minimize complications that may occur, and make sure you are on the right path for your practice.
These issues can be categorized into the following categories…
- Business Cash Flow
- Personal Cash Flow
- Business Formation
- Taxes and Tax Law Changes
- Insurance Planning
The 3 action items from this episode…
- Ensure your business has access to liquidity, as you want to avoid paying fees, penalties and high interest rates if you are in a credit crunch.
- Review your most recent tax return and see if you qualified for the Qualified Business Income (QBI) tax deduction. If you did not, ask you accountant why you did not and if there are any strategies to implement to get you under the income threshold.
- Examine your business planning documents (buy-sell agreement, practice continuation agreement and business continuity instructions) to make sure you have adequate funding in the event you or your business partners are not able to work in the practice.
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