Is your tax advisor giving you proactive advice to save on taxes?

If you’re like most CRNA practice owners, your answers are “no,” “no,” and “huh?”

1. Good news and bad news.

And if that’s the case, I’ve got bad news and I’ve got good news.  The bad news is, you’re right. You do pay too much tax – maybe thousands more per year than the law requires.

You’re almost certainly not taking advantage of every tax break you can. Our tax code is thousands of pages long, with tens of thousands of pages of regulations. There are thousands more pages of IRS guidance, along with volumes of court cases interpreting all those laws, regulations, and guidance.

The sad reality is, there’s probably no one CRNA alive taking advantage of every tax break they’re entitled to, simply because there are so many of them out there.

2. Most tax advisors aren’t proactive.

Most tax advisors aren’t very proactive when it comes to saving their CRNA clients money. They put the “right” numbers in the “right” boxes on the “right” forms, and get them filed by the “right” deadlines. But then they call it a day.

Wouldn’t you prefer to use a tax strategist who helps you plan your taxes, so you can write your future tax history?

3. You have the biggest tax shelter in America.

The good news is, you just need a better plan. And you’ve already taken a giant step in that direction, whether you realize it or not. Owning your own business, as you do by working as a 1099 CRNA, is the biggest tax shelter left in America. Now you just have to take advantage of what you already have!

You will hear us talk a lot about some of the biggest mistakes CRNA practice owners make when it comes to their taxes. Then you will hear us teach you how, as a CRNA, you can solve these problems – legally and ethically.

4. You will not become an expert on taxes.

We’re not going to make you an expert on taxes. Albert Einstein once said “the hardest thing in the world to understand is the income tax,” and if taxes were hard for the guy who came up with the theory of relativity, it’s okay if they’re hard for the rest of us.  

You’ll hear us say the word “generally” a lot. The reason for that is that the concepts are more important than the details or the exceptions.  

5. Look at your taxes with a new perspective.

Our goal here is to ask some pointed questions and get you to look at your taxes with a new perspective. You make choices about your tax bill every day, but are you making the right choices? Or are you like most CRNA practice owners, leaving money on the table, wasting money on taxes you just don’t have to pay?

Supreme Court Justice Oliver Wendell Holmes once called taxes “the price we pay for civilization.” But he never said we have to pay retail!

Let us help you find discounts throughout your tax return. Start that process with Booking a Call with a CPA-trained CRNA Tax Expert.

It’s time to simplify your taxes! Let’s go through the most common filing mistakes CRNA practice owners make, so you can avoid them this tax season (and the rest of the year). 

1. Missing or incorrect information

One of the simplest mistakes is forgetting to fill out part of your tax form or entering incorrect information. Even one error could flag an audit or require you to re-file, which can cause late fees and penalties.  

The most common mistakes on tax returns include: 

• Incorrect or missing SSN or employer ID numbers
• Misspelled names 
• Incorrect filing status
• Computation errors for taxable income, withholding, and deductions
• Withholding or incorrect estimated tax payments 
• Failing to sign/date return  

2. Not filing or paying on time

If you miss the filing deadline for taxes, your CRNA business could face a 5% penalty per month. This fee will increase each month until you file the return. If you neglect to pay your taxes, the IRS will charge about 3% interest and a late payment penalty of about .5% each month after the deadline.  

If you need extra time to file your taxes, you should file an extension. Don’t miss deadlines, or you’ll end up with even more owed money on your plate! 

3. Incorrect expense tracking

The most important way to prepare your taxes for April is thorough record keeping throughout the year. Failing to properly track your expenses can be one of the costliest parts of your taxes (and the biggest headache).  

If you don’t track and categorize expenses, you could miss out on deductions that could save your business a lot of money. There are a lot of deductions you may qualify for like furniture, supplies, advertising, equipment, licenses, mileage, and more.  

Worse yet, inaccurate tracking could land you in hot water if the IRS audits you and you can’t substantiate expenses.  

Make sure you keep all receipts for expenses, payroll, equipment, and other costs. This makes potential audits easier and ensures you’re receiving any applicable tax breaks. 

4. Not separating business and personal

Small CRNA practice owners often pay out of pocket for a lot of business expenses. Blurring this line can actually create a problem when tax time comes around. It can be harder to prove business deductions, and you may misfile between your personal and business.  

To avoid this, you should separate expenses by using separate bank and credit accounts, tracking and storing receipts separately, and paying yourself a salary rather than using business accounts to pay for personal expenses.  

5. Not working with a professional

A lot of small CRNA practice owners want to cut the expense of taxes by using tax software to do it themselves. This can work for very small practices, but you could still miss areas or deductions that a professional would catch. In most cases, working with a CRNA tax expert that specializes in CRNA’s taxes and finances will actually save you a lot of time, money, and errors.

The tax process can be complicated and painful, so don’t do it alone.  Book a Call with a CPA-trained CRNA Tax Expert now.