Running your own practice comes with a lot of perks, but the increased tax burden sure isn’t one of them. Luckily, there are plenty of ways for physicians to lose a little bit of tax fat around the office.
From medical supplies to scrubs to the receptionist’s pens that patients are always losing, the everyday expenses of your medical practice can be used to save you money come tax time. Claim your write-offs to give your office a clean bill of tax health today!
Schedule C, Box 23
Fees to renew your medical license and board certifications can be written off.
Schedule C, Box 22
Any medical equipment required for your job is deductible on your taxes.
Schedule C, Box 27a
Subscriptions to medical journals like The Lancet and NEJM can be written off.
Schedule C, Box 27a
Write off any CME seminars you take to learn new techniques or expose yourself to cutting-edge research.
Schedule C, Box 27a
Continuing education class required to keep your job are fully deductible.
Schedule C, Box 20b
If you rent an office to see patients, you can write this off.
Schedule C, Box 22
Medical supplies you buy to use while on the job can be deducted on your taxes.
Schedule C, Box 18
Write off subscriptions to software used to bill patients and insurance providers.
Schedule C, Box 26
Do you pay wages to nurses, physicians assistants, receptionists, or fellow doctors? That counts as a business expense.
Schedule C, Box 14
If you have employees, you'll spend money to take care of them with health insurance and other benefits. Write off what you pay for these programs.
Schedule C, Box 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 8
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Schedule C, Box 11
Write off the fees you pay to contract labor to help you complete projects.
Schedule C, Box 17
If you pay an accountant to track your trading, income, and expenses, you can deduct their fee.
Schedule C, Box 27a
Any uniforms you're required to wear on the job are considered tax-deductible.
Schedule C, Box 27a
Repairs, dry cleaning, or alternations for your uniform are tax-deductible.
Schedule C, Box 18
Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.
If you use your car for your physical training business, like to meet a client or attend a fitness class, you can write off some of your car expenses.
Keep in mind: The portion you can write off is equivalent to the percentage you use your car for work. So if you use your car 70% of the time for personal reasons, you can only write off 30% of your car expenses.
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
Medical researchers, pharmaceutical representatives, nurses, or fellow physicians are all people you might grab a meal with to discuss work. This counts as a business meal, so the cost can be written off your taxes.
If you take your staff out for a teambuilding lunch, that also counts.
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
The IRS lets you deduct travel expenses if the trip is directly related to your work as a physician, like attending an industry conference or, perhaps, making a house call to an out-of-town client.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
If you have an at-home workstation where you regularly conduct business, like conducting industry research or managing paperwork for your practice, you qualify for the home office deduction.
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
