Reasons Doctors Pay Too Much Tax -- Four Diseases, One Cure

Reasons Doctors Pay Too Much Tax – Four Diseases, One Cure by Jay Malik is written exclusively for doctors so that they can reduce their tax burden legally, while staying within the US tax law and its interpretation by the IRS and the courts. Because tax is one of the main expenses for most doctors, its reduction goes a long way towards providing financial independence for doctors and helping them achieve their goals. The simple and plain language in the book explains the four major tax mistakes made by doctors and their tax professionals that result in doctors paying tens of thousands of dollars in taxes that are not required. It provides a solution that enables them to avoid making these mistakes so that they can benefit from the opportunities already available in the US Tax code. It also explains why these tax loopholes are missed or under-used. Jay’s book is free of the usual accountant gobbledygook. Its concepts are explained in an understandable manner because after all, doctor are not financial experts, they are medical practitioners. It refrains from making things more complicated than they need to be. The practical nature of Reasons Doctors Pay Too Much Tax comes from the author’s accomplishments as an expert in this field. He understands the challenges of working with doctors and explains the reasons why they have the problems that they do. Jay’s book is unique because it identifies one solution for a multitude of problems. Because doctors are not trained to handle the financial demands of a busy practice, and have neither the time nor the expertise to keep abreast of ever-changing tax laws, the book refrains from prescribing self-help solutions. Tax overpayment problems of doctors are simply too complex to be tackled by the doctors themselves.

Reasons Doctors Pay Too Much Tax – Four Diseases, One Cure by Jay Malik is written exclusively for doctors so that they can reduce their tax burden legally, while staying within the US tax law and its interpretation by the IRS and the courts. Because tax is one of the main expenses for most doctors, its reduction goes a long way towards providing financial independence for doctors and helping them achieve their goals. The simple and plain language in the book explains the four major tax mistakes made by doctors and their tax professionals that result in doctors paying tens of thousands of dollars in taxes that are not required. It provides a solution that enables them to avoid making these mistakes so that they can benefit from the opportunities already available in the US Tax code. It also explains why these tax loopholes are missed or under-used. Jay’s book is free of the usual accountant gobbledygook. Its concepts are explained in an understandable manner because after all, doctor are not financial experts, they are medical practitioners. It refrains from making things more complicated than they need to be. The practical nature of Reasons Doctors Pay Too Much Tax comes from the author’s accomplishments as an expert in this field. He understands the challenges of working with doctors and explains the reasons why they have the problems that they do. Jay’s book is unique because it identifies one solution for a multitude of problems. Because doctors are not trained to handle the financial demands of a busy practice, and have neither the time nor the expertise to keep abreast of ever-changing tax laws, the book refrains from prescribing self-help solutions. Tax overpayment problems of doctors are simply too complex to be tackled by the doctors themselves. The book’s approach is opposite than that which most accountants take, i.e, working after the year has ended with the doctors’ books and records to generate tax returns. It proposes first making a comprehensive tax strategy personalized for the doctor’s situation and then following it step by step during the year to achieve its ultimate goal of paying less tax legally. Reasons Doctors Pay Too Much Tax is not meant to be a panacea of one of the biggest afflictions doctors have financially; rather, it is a road map that can be used to identify the goal and move towards a solution. Brevity is a hallmark of this book. The author realizes that doctors do not have time to read a long complicated financial treatise. The professional and family demands on their time are more than that of most other professionals; therefore, the concepts are explained in as many words as necessary – and no more. Because the author does not intend to charge a high price for the book, he does not feel compelled to fill it with fluff to make it look big. A common trick in the book publishing industry is to add a lot of useless words to fill pages by repeating either the same information or by providing irrelevant anecdotes to make the book look big so its high price can be justified. The book is an essential read for doctors who are just starting their own practice, as it will put them on the right path to prosperity, from the beginning, and save tens of thousands of dollars of their hard-earned money. For those doctors who have been in practice for quite some time, it provides a reality check as far as the management of their finances is concerned. The real value of Reasons Doctors Pay Too Much Tax is that it provides doctors with an understanding that they have financial options that have not been prescribed by their non-specialist accountants or financial advisors who are mostly insurance salespeople. These options are not difficult to follow and are not used by their current advisors merely because they just don’t know about them and are too lazy to learn how to implement them. Now, doctors have an resource where they can learn how to fulfill their financial goals simply by paying less tax.

Jay Malik is a Tax Strategist and Wealth Manager. He is an author and renowned speaker who specializes in the financial needs of physicians and surgeons. He works with doctors to help them keep more of what they make by reducing their tax burden. He develops and implements proactive individualized tax strategies and financial plans to increase the net wealth of his clients. Jay’s average client saves nearly $13,000 in tax the first year that they work with him. This is achieved by employing advanced tax planning processes and implementing creative techniques that take advantage of the latest court cases and IRS rulings. Jay analyzes doctors’ tax returns to diagnose missed tax opportunities and prepares an estimate of the tax they has overpaid in the past. He then proceeds to create a detailed tax strategy, prescribing specific actionable steps to capture tax saving opportunities. These are perfectly legal, available in the tax code, and are simply under-used by those with less expertise than Jay possesses. He uses plain language to outline and explain these plans to his clients. His individualized recommendations have proven effective for countless doctors, many of whom indicate outright astonishment at the results. Managing a full-service accounting firm, Doctors Finance LLC, Jay works with doctors to implement their tax strategies on an ongoing basis. As the tax laws change from year to year so do the tax plans. His firm handles all tax filing and compliance requirements and takes care of bookkeeping and payroll processing as well. Jay has successfully coached many doctors out of difficult financial situations, including high debt, consequences of bad investment s, divorces, and dissolutions of partnerships. Specializing in working with medical professionals, he is in tune with the culture and working conditions of doctors and accommodates the restrictions involved in working with them. As a specialist, Jay keeps abreast of the ever-changing legal and regulatory tax requirements which affect doctors and their practices and uses this knowledge to make huge difference in the financial lives of doctors. Jay lives, breathes and eats medical tax preparation and planning, and knows more about the hidden tax deductions and tax loopholes than anyone else in the US. Because Jay has been actively working with doctors for such a long period, he has observed first-hand the evolution of the medical professional over the years and understands how changes in the business have affected doctors. He is committed to making a difference in the quality of life of all medical professionals by increasing their bottom line. Jay is so committed to what he does that he does not charge a fee for the initial analysis he performs when working with a new client. All his doctor clients end up saving more money in taxes legally by use of his proactive individualized tax planning techniques than they pay in his fee. Jay thinks out of the box, and is often critical of the accounting profession which lacks creativity to serve its doctor clients. He believes that most accountants just use tax law to make money for themselves and not to save tax dollars for their doctor clients. He is quoted in CNNMoney as saying, "Whenever Congress passes a new law, they should call it an Accountant Employment Act. It increases work for accountants." Jay is an Enrolled Agent (EA), admitted to practice before the IRS. He is an Accredited Business Accountant (ABA) and a fellow of the National Tax Practice Institute (NTPI). He is also a Certified Tax Coach (CTC). Jay has decades of experience working with small businesses. He represents taxpayers before the IRS to ensure that they are treated fairly and pay their full legal obligations – but not one cent more.