Written By Caitlin See
Tax season can be fairly straightforward if you have simple W-2 income and are free from student debt. But if you’re a resident or practicing physician with federal student loans, or have more complex tax situations — such as owning a practice or having multiple streams of income — then you need a solid tax plan that takes a holistic approach to your finances.
In which case, you should consider using a tax advisor who specializes in physician tax planning. Keep reading to jumpstart your search for tax accountants for doctors.
Why doctors need specialized tax services
Being a physician comes with its own set of challenges, and managing finances is undoubtedly one of them. With the complexity of tax laws, varying income structures and unique personal and business goals, high-income medical professionals can benefit from seeking out specialized tax services.
However, there’s a big difference between using a tax preparer (or paying for DIY services like TurboTax or H&R Block) versus hiring a tax accountant for doctors. A specialized tax planning strategist will take a comprehensive, proactive approach to reducing your tax bill by taking full advantage of available tax breaks.
You might benefit from specialized tax planning services if:
- You have federal student loan debt and can utilize student loan repayment strategies alongside tax planning.
- You expect your income to increase rapidly (e.g., transitioning from residency to medical practice) or gradually over time.
- You’re self-employed or have other income streams (e.g., rental properties or 1099 income).
- You need help identifying healthcare industry-specific tax deductions and other tax-saving strategies.
Hiring a knowledgeable certified public accountant (CPA) or tax strategist who specifically works with doctors can maximize savings both now and well into the future.
Top tax accountants for doctors
We’ve done some of the legwork for you by tracking down basic information for popular tax accountants for doctors. Note these firms generally work with physicians nationwide, however, each varying tax and financial services, some of which require a one-time fee or monthly subscription.
| Company name | Services | Cost | Location |
|---|---|---|---|
| SLP Wealth | Tax Planning and Preparation, Investment Management, Student Loan Advice, Retirement Savings, Cash Flow Management, Insurance Advice | $99-$199/month for personal returns* $299/month for S-corp filings (personal return included)* *Enrollment fee varies. This rate requires you to also sign up for financial planning. | Nationwide |
| Cerebral Tax Advisors | Tax Planning, Preparation and Maintenance | $10,000 to $30,000 (one-time fee) *Varies case-by-case | Nationwide |
| Physician's Resource Services | Tax Preparation, Investment Management, Insurance | Undisclosed | Nationwide |
| Physician Tax Solutions | Tax Compliance, Tax Planning, Retirement Planning | $400-$2000/month *Varies by scope of work | Nationwide |
| Residency to Retirement | Tax Planning and Preparation, Bookkeeping and Payroll, Business Formation | Undisclosed | Nationwide |
| Thrive Wise Tax Advisors | Tax Preparation and Planning, Business Formation, Real Estate | $269-$329/per month for personal returns $369+/month for S-corp, partnership sole proprietorship *Varies by income | Nationwide |
1. SLP Wealth
Unique quality: Partner with cutting-edge tax and student loan strategies to grow wealth
SLP Wealth offers comprehensive financial planning services, including full service advice, analysis, planning and tax preparation with year-round support. Our team of financial planners has advised on over $3 billion in student loan debt, saving clients a projected $569 million.
This makes us uniquely qualified to create a strategic tax plan that maximizes tax deductions and credits, while also balancing your student debt and other financial goals. Learn more about SLP Wealth tax planning services or sign up for the financial planning + tax planning service.
*Disclosure: this website Student Loan Planner and SLP Wealth share common ownership. SLP Wealth is a SEC Registered Investment Advisor.
2. Cerebral Tax Advisors
Unique quality: Guaranteed two times your investment in the design of the tax plan
Cerebral Tax Advisors generally works with physicians who earn over $400,000 annually or have more than $50,000 in 1099 income. Its team of tax professionals provides year-round support, including responses within 48 hours and an online portal that is available around the clock.
3. Physician’s Resource Services
Unique quality: Serves residents, fellows and practicing physicians with tax preparation and other financial services
Physician’s Resource Services (PRS) is based out of Texas but serves physicians across the country via tax services, financial planning, insurance products and investment management.
4. Physician Tax Solutions
Unique quality: Primarily works with entrepreneurial physicians
Physician Tax Solutions offers full-service tax preparation, documentation and proactive tax strategies for busy medical professionals. Its team of professionals uses the Strategic Wealth System™ Process to guide you through tax planning.
5. Residency to Retirement
Unique quality: Provides accounting and advisory services for locum tenens physicians
Residency to Retirement uses an innovative model with the goal to eventually transition to a DIY solution. It takes a hands-on approach for the first three months, followed by providing guidance and detailed explanations to help you manage your tax plan for the next three quarters.
6. Thrive Wise Tax Advisors
Unique quality: Helps physicians, dentists and practice owners with strategic tax planning
Thrive Wise Advisors offers holistic tax planning for an all-inclusive monthly fee, which varies by income or revenue. Based out of Nevada, it works with physicians nationwide to lower taxes, maximize wealth and reach financial independence with long-term strategic planning.
Related: Tax Planning for Physicians: What Are the Benefits of Using S-Corp Tax Strategies?
What to consider when choosing a physician tax service
Although this list of tax accountants for doctors can serve as a starting point, consider asking fellow physicians for recommendations for an accountant or doing an online search for “physician tax accountants” in your area. If you’re interested in working with a CPA or tax strategist, you’ll want to consider factors such as:
- Credentials and certifications. Are they a CPA, enrolled agent (EA) or a licensed attorney? Or are they a tax preparer with limited representation rights? What other financial certifications do they have for long-term financial planning?
- Industry experience. Do they have experience working with physicians and healthcare professionals?
- Included services. Are you paying to simply file your income tax return or will they provide you with tax planning strategies? Is there an additional fee for representing you in case of an IRS audit?
- Fee structure. Is it a one-time fee, monthly subscription or hourly rate? Do they offer year-round support?
- Reviews and referrals. Check out independent online reviews and ask for client testimonials.
- Analysis and implementation processes. Do they use streamlined processes and software to collect and present financial information? How quickly will they respond to questions throughout the year? What is the timeline for completing tax returns?
These are just some of the questions to explore to better understand who you’ll be working for and what benefits you can expect.
Making the right choice for your tax needs
Hiring a tax accountant or strategist who specializes in working with medical professionals can help navigate the complexity of smart tax planning.
Whether you’re looking for personal tax advice or a business seeking comprehensive tax solutions, SLP Wealth’s team has a deep understanding of tax laws, regulations and financial intricacies. You trust us with your student loans, now give us a chance to show you what we can do with your taxes and long-term financial planning.
