RESIDENT PHYSICIANS MOST COMMON TAX ISSUES | Jeffrey B. Travis, CPA | jeffreybtraviscpa.com | Deerfield, IL
MOST COMMON TAX ISSUES
1. Proper use of Form 1040EZ.
2. Proper reporting of moonlighting income (Form 1099MISC income).
3. If applicable and necessary, paying quarterly estimated taxes on additional 1099MISC income earned.
4. Proper reporting and deductibility of unreimbursed business expenses.
5. Deductibility of IRA contributions.
6. Proper reporting of rollover pension/401k/403b distributions to an IRA.
7. Deductibility of unreimbursed job related moving expenses.
8. Advantages of setting up KEOGH, SEP-IRA, Simple-IRA or 401k-profit sharing plans.
9. Multi-state tax filings.
10. Deductibility of student loan interest. Also, if applicable, Hope Credit and Lifetime Learning Credit add ways to help pay for post-secondary educations
NOTE: Consult with CPA on how to handle the above tax issues.
Jeffrey B. Travis, CPA