Nothing is certain except for death and taxes. As this exclusive new report shows, true for doctors too.
Physicians and their families may have to file more complex returns — with more income streams, exemptions, and deductions — than average Americans do. When they opt to hire a paid preparer, the fee is about three times higher than thecharged to handle itemized federal and state returns, according to the National Society of Accountants.
Physicians give their preparers high marks for a quality working relationship and finding applicable tax breaks more often than they do for their fees .Physicians more often reduce taxes with top-line 401 contribution exemptions, and with Schedule A deductions like charitable donations and mortgage interest , than with business and investment activities.The bad news is that about 1 in 5 physicians has experienced an audit.
taxpayers who undergo in-person field or office audits report greater levels of fairness than do those who get impersonal correspondence audits.
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