04/11/2016    

PRACTICE MANAGEMENT TIP OF THE DAY

8 Last-Minute Tax Tips for Physicians - Part 2

"While the law allows for an extension of time to file, it does not provide for an extension of time to pay. You will be hit with significant penalties and interest if you pay your taxes late. To avoid these penalties and interest, self-employed physicians should make an estimated tax payment each quarter. If you are employed, you should double check that enough pay is being withheld. Your CPA can estimate your tax bill so you can cover any deficiency when you file your extension, even if you do not have everything needed to file the return itself."

 

Scott Goble, certified public accountant, Sound Accounting, Chickamauga, GA

 

Source: Karen Appold, Physicians Practice [4/4/16]