Episode 38: How Functional Medicine Providers Can Keep More of What They Make
Functional Medicine Providers: What You Will Learn:
- Why it is critical to take a proactive approach to tax planning in functional medicine
- How functional medicine providers can keep more of what they make
- Craig’s approach to tax strategy in the FM niche
- What to look for in a tax planning strategist
- Common tax mistakes that functional medicine providers make and how to avoid them
- How Craig helps his clients reduce their tax liability by legal, moral, and ethical means
- How the suspension of the payroll tax affects our taxes
- Craig’s top tax planning strategies for 2020
Tax Strategy for Functional Medicine Providers
Craig Cody is the founder and owner of Craig Cody & Company and host of The Progressive Dentist podcast. His tax planning and CPA firm helps all kinds of healthcare professionals and small business owners keep more of what they make. From functional medicine providers to dental practitioners, Craig helps his clients take a proactive approach to tax planning strategy so they can reduce their tax bill by legal, moral, and ethical means. In this episode of The FM Shift, Craig joins us to provide a better understanding of what we can do to prepare for tax season.
Tax Planning Makes All the Difference
When Dr. Heather Stone and I became both functional medicine providers AND entrepreneurs, our attitudes toward taxes were much different than they are today. When we were coming up and learning how to scale our functional medicine practice, taxes were not a priority because they had such a small impact on our business. However, as we started to experience more growth later down the road, the significant amount of revenue we were able to pull in led to significant tax bills. This is a difficult road to navigate and I wouldn’t recommend going at it on your own. Reaching out to your CPA to see what you can tweak to lower your tax liability will literally save you thousands of dollars each year. That is more money in your pocket to invest in your business and generate more growth.
Start a Conversation With Your CPA
As functional medicine providers, we will come across a lot of CPAs who chalk up their responsibility to putting the right numbers in the right boxes and making sure the filing deadline is met. We should be looking for a CPA that takes a strategic lens to our books and makes changes that will help us keep more of what we make. Some of the talking points we can bring up are whether or not we have maxed out our 401k. And if our spouse is associated with the business, we need to look at theirs as well. We need to have conversations about our entity structure, PPP loans, home-office deductions, life insurance plans, and a number of other areas that could save you tons of money next tax season.
Photo by Scott Graham
About Craig Cody
Craig Cody is a Certified Public Accountant, Certified Tax Coach™, business owner, and the host of The Progressive Dentist Podcast. Prior to his current work, Craig spent seventeen years with the NYPD, where he retired as a Lieutenant in September 2000. Craig is an expert in helping his clients legally reduce their tax liabilities and keep more of their money. Through his podcast, Craig helps dentists grow their practices through smart financial decisions and through financial education of the kind that isn’t offered in dental school.
How to Connect with Craig Cody:
- Website: www.theprogressivedentist.com
- Twitter: @CraigC2742
- LinkedIn: https://www.linkedin.com/in/craigcodycpa
- Course: https://craig-s-school-e90e.thinkific.com/courses/5-tax-strategies
