Pro Tax Planning Tips For Physicians

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Doc Wealth

Jun 29, 2026

10 min read

Late S-Corp Election Relief: Rev. Proc. 2013-30 Explained

You meant to be an S-Corp, but Form 2553 went in late or never got filed. The IRS built a fix for exactly this. Rev. Proc. 2013-30 lets physicians get a late election treated as if it had been filed on time, no formal ruling required, if you act inside the three-years and 75-days window. Here's when an election counts as late, how to qualify, what reasonable cause means, and how to file.

Doc Wealth

Jun 29, 2026

9 min read

S-Corp State Taxes for Physicians: CA, NY & NJ

Your S-Corp election trims federal self-employment tax, but part of that savings can disappear on your state return. California, New York, and New Jersey each tax S-Corps in ways with no federal equivalent. Here's what the election actually costs physicians in each state, from California's 1.5% franchise tax to New York City's 8.85% GCT, and how it should change your decision before you file.

Doc Wealth

Jun 29, 2026

8 min read

What's a Reasonable S-Corp Salary for Your Specialty?

Of all the numbers on a physician's S-Corp return, the reasonable salary is the one the IRS reads first. Set it too low and the distributions that were supposed to skip self-employment tax can be reclassified as wages, with penalties on top.

Doc Wealth

Jun 29, 2026

20 min read

S-Corp vs. Partnership for Physician Groups

Most physician groups land in partnership taxation by default, not by design. The two structures treat the same income very differently, and the difference compounds year after year. See which one fits your group before the choice gets locked in.

Doc Wealth

Jun 29, 2026

10 min read

How to Revoke an S-Corp Election: Rules and Timing

Revoking an S-Corp election is a deliberate, five-year decision, not a quick form filing. Here's how physicians unwind the election cleanly: when it makes sense, the written statement the IRS requires, why the March 15 timing matters, the five-year wait before re-electing, and the C-Corp default that catches people who skip the classification step.

Doc Wealth

Jun 4, 2026

19 min read

Tax Home Rules for Physicians: When Travel and Lodging Are Deductible

The IRS tax home rules for physicians decide whether your locums travel, lodging, and meals are deductible, and your contract sets the answer before you sign. A working guide to the one year temporary versus indefinite test and what changed for W-2 physicians.

Doc Wealth

Jun 4, 2026

17 min read

Solo 401(k) Setup for 1099 Physicians

For 1099 physicians, a solo 401(k) can shelter roughly three times what a W-2 plan allows. A guide to setup, the contribution math, and the shared deferral limit that catches physicians earning both W-2 and 1099 income in the same year.

Doc Wealth

Jun 4, 2026

24 min read

Quarterly Tax Payments for 1099 Physicians

A $45,000 tax bill in April is not a rite of passage. It is preventable. This post covers everything a 1099 physician needs to know about quarterly estimated taxes: how to calculate them, when to pay, which deductions lower your bill, how to handle lumpy income, and what your first year should actually look like, month by month.

Doc Wealth

Apr 20, 2026

8 min read

Your Portfolio Is Probably Less Tax-Efficient Than You Think

Most physicians have a reasonable investment plan, but how much of what your portfolio earns are you actually keeping after taxes? This post breaks down two of the most effective tax-efficient investment tools available to physicians, municipal bonds and index ETFs, and explains why asset location is one of the highest-leverage tax-planning decisions a physician can make with their portfolio.

Doc Wealth

Apr 17, 2026

5 min read

Trump Accounts for Physicians: What Parents Need to Know

Trump Accounts are generating a lot of buzz. Here's an honest breakdown of what these accounts are, how they actually work, and how to think about them as a physician with an already complex financial life.

Doc Wealth

Apr 13, 2026

4 min read

UTMA Accounts: A Physician's Guide to Building Wealth for Your Children

UTMA accounts offer physician families a flexible alternative to 529 plans, allowing for investments in real estate, stocks, and even art. However, they come with unique hurdles which you can learn about in this article.

Doc Wealth

Apr 10, 2026

5 min read

HSA vs. FSA: What High Income Physicians Need to Know

This guide breaks down the strategic advantages of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), helping high-earning professionals navigate the "tax problem" of healthcare costs. By utilizing these accounts, you can effectively bypass the high IRS medical deduction threshold and secure what is essentially a 40% discount on healthcare through pre-tax spending.

Doc Wealth

Apr 6, 2026

4 min read

What happens if I over contribute to my Retirement Account?

This guide provides a comprehensive breakdown of the financial pitfalls and corrective measures associated with retirement account over-contributions, specifically tailored for physicians managing multiple income streams.

Doc Wealth

Apr 3, 2026

4 min read

The Short-Term Rental Tax Loophole for Physicians: A Comprehensive Guide [2026 Update]

You don't need 750 hours to unlock real estate tax benefits. Learn how the Short-Term Rental Loophole lets high-income physicians offset W-2 & 1099 income and why 2026 makes it even more powerful.

Doc Wealth

Mar 27, 2026

3 min read

Roth IRAs for Your Kids: The Tax Planning Move You Haven’t Made Yet

Most physicians are maximizing their own retirement accounts, but what about their kids'? Learn how a Custodial Roth IRA can help physician families build tax-free generational wealth starting today.

Doc Wealth

Mar 20, 2026

3 min read

What We Saw When We Opened 500 Physician Tax Returns

Most physicians are doing the basics right. But there's a second layer of tax tools that separates those who manage their taxes from those who build wealth through them. Here's what we found when we reviewed physician tax returns.

Doc Wealth

Mar 13, 2026

4 min read

Can Physicians Deduct Business Clothes and Personal Care

Most physicians assume professional clothing and grooming expenses are tax deductible, but the IRS rules are stricter than you'd expect. Learn the three conditions your clothing must meet to qualify, what actually makes the cut, and where to focus your deductions instead.

Doc Wealth

Mar 6, 2026

8 min read

11 Tax Deductions Physicians Miss (That Could Save You $50K+ This Year)

We put together a breakdown of 11 deductions physicians consistently miss, from the home office deduction (which applies even if you primarily work at a hospital) to retirement accounts that can shelter $70,000+ in a single year.