Healthcare organizations face complex financial and accounting issues. Robert Hall & Associates has the background and expertise to help you manage the financial, operational, and organizational demands of running a medical practice in today’s constantly changing environment. Our health care accountants will analyze your unique business needs and offer sound account management and tax preparation practices that allow you to spend less time buried in financial documents and more time where it really matters- with the patients.
Our healthcare clients include:
- Long-term care facilities
- Multi-specialty practices
Some important tax tips for healthcare professionals include:
- Initial Education: The high cost of your healthcare education may qualify you for an American Opportunity Credit (AOC), which allows a credit of up to $2,500 per year per student during the first four years of a degree program. If you don’t qualify for the AOC, you may qualify for the Lifetime Learning Credit, which allows a credit of 20% of tuition and fees paid to attend a college or trade school up to $2,000. If neither credit applies, then it is possible the course qualifies for the tuition and fees deduction.
- Continuing Education: Certified professionals may be able to deduct work-related courses or seminars if they meet certain requirements. Continuing Medical Education (CME) tuition, lab fees, course materials, CPR certification and re-certification and certain travel costs can all be deducted. Courses that are part of a program that will qualify you for a new role, or that help you meet the minimum education requirements for your program, are not deductible.
- Work-Related Expenses: Under the 2018 Tax Reform, W2 wage earners are no longer able to itemize their non-reimbursed business expenses on their federal tax return. Contact your tax advisor to see how this affects your tax return.
Financial Consulting for the Future of Healthcare
With over 45 years of tax preparation experience in the healthcare industry, we have seen many changes. Our tax consulting firm is devoted to helping healthcare organizations in the Glendale, Burbank, and Pasadena areas stay on top of industry changes in order to achieve optimal clinical and financial performance. From healthcare financial services to tax reimbursement and technology solutions for health care organizations, our healthcare accounting professionals deliver effective and affordable solutions to health care institutions throughout Glendale, Burbank, and Pasadena. Contact us today to see how our accounting firm can benefit your business.