Guest guest Posted April 15, 2012 Report Share Posted April 15, 2012 Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 15, 2012 Report Share Posted April 15, 2012 Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as "practice manager". I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 16, 2012 Report Share Posted April 16, 2012 Something else to talk over with your accountant is a corporate vehicle. Our corporation bought Steve's vehicle. As long as you deduct your personal use (for us it is not much because we have more than 1 car), then there shouldn't be too much of a problem. Pratt Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 16, 2012 Report Share Posted April 16, 2012 Can you do that with an S Corp? I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as "practice manager". I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 16, 2012 Report Share Posted April 16, 2012 According to our accountant, yes. We are an S corp. Pratt Can you do that with an S Corp? I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 17, 2012 Report Share Posted April 17, 2012 Also add the miles to the post office or wherever you get your mail From: [mailto: ] On Behalf Of Myria Sent: Sunday, April 15, 2012 2:40 PM To: Subject: Re: LLC vs S corp Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! From: Pratt To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 17, 2012 Report Share Posted April 17, 2012 Can the corporation buy me a vehicle if I don't do home visit? I hope so. There got to be some benefits to run a small business. :-)I will ask my CPA, but does anyone know? Wen San Mateo, CA Also add the miles to the post office or wherever you get your mail From: [mailto: ] On Behalf Of Myria Sent: Sunday, April 15, 2012 2:40 PM To: Subject: Re: LLC vs S corp Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! From: Pratt To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 18, 2012 Report Share Posted April 18, 2012 I hope so. However, my office is located in downtown, so everything is within walking distance. I can walk from my office to bank, post office on my way to lunch. What is POB? Primary office building? Thanks,Wen San Mateo, CA Yes it can. Mine has bought me 2 different vehicles since I went solo in 2003. My brother in law is my CPA, and no problem. I would suggest you keep track of your business miles too (like between a mail drop/POB close to home, trip from there to the office, office to bank, back to POB, etc). Eads, MD Pinnacle Family Medicine Colorado Springs, CO www.PinnacleFamilyMedicine.com From: [mailto: ] On Behalf Of Wen Liang Sent: Monday, April 16, 2012 11:13 PM To: Subject: Re: LLC vs S corp Can the corporation buy me a vehicle if I don't do home visit? I hope so. There got to be some benefits to run a small business. :-) I will ask my CPA, but does anyone know? Wen San Mateo, CA Also add the miles to the post office or wherever you get your mail From: [mailto: ] On Behalf Of Myria Sent: Sunday, April 15, 2012 2:40 PM To: Subject: Re: LLC vs S corp Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 18, 2012 Report Share Posted April 18, 2012 Sorry, POB = Post Office Box From: [mailto: ] On Behalf Of Wen Liang Sent: Tuesday, April 17, 2012 10:37 PM To: Subject: Re: LLC vs S corp I hope so. However, my office is located in downtown, so everything is within walking distance. I can walk from my office to bank, post office on my way to lunch. What is POB? Primary office building? Thanks, Wen San Mateo, CA Yes it can. Mine has bought me 2 different vehicles since I went solo in 2003. My brother in law is my CPA, and no problem. I would suggest you keep track of your business miles too (like between a mail drop/POB close to home, trip from there to the office, office to bank, back to POB, etc). Eads, MD Pinnacle Family Medicine Colorado Springs, CO www.PinnacleFamilyMedicine.com From: [mailto: ] On Behalf Of Wen Liang Sent: Monday, April 16, 2012 11:13 PM To: Subject: Re: LLC vs S corp Can the corporation buy me a vehicle if I don't do home visit? I hope so. There got to be some benefits to run a small business. :-) I will ask my CPA, but does anyone know? Wen San Mateo, CA On Mon, Apr 16, 2012 at 9:13 PM, Eads wrote: Also add the miles to the post office or wherever you get your mail From: [mailto: ] On Behalf Of Myria Sent: Sunday, April 15, 2012 2:40 PM To: Subject: Re: LLC vs S corp Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 18, 2012 Report Share Posted April 18, 2012 , Mileage to and fro office to the PO/bank was enough to buy a car??? Yes it can. Mine has bought me 2 different vehicles since I went solo in 2003. My brother in law is my CPA, and no problem. I would suggest you keep track of your business miles too (like between a mail drop/POB close to home, trip from there to the office, office to bank, back to POB, etc). Eads, MD Pinnacle Family Medicine Colorado Springs, CO www.PinnacleFamilyMedicine.com From: [mailto: ] On Behalf Of Wen Liang Sent: Monday, April 16, 2012 11:13 PM To: Subject: Re: LLC vs S corp Can the corporation buy me a vehicle if I don't do home visit? I hope so. There got to be some benefits to run a small business. :-) I will ask my CPA, but does anyone know? Wen San Mateo, CA Also add the miles to the post office or wherever you get your mail From: [mailto: ] On Behalf Of Myria Sent: Sunday, April 15, 2012 2:40 PM To: Subject: Re: LLC vs S corp Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. -- Anne Walch, MHS, PA-CHealing Path Integrative Medicinewww.hpimed.com Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 18, 2012 Report Share Posted April 18, 2012 My understanding is that commuting miles are never a deductible expense. To and from PO/bank is deductible. You can only deduct the proportion of expenses used for the business and not for personal. So, if you go the the PO and the for your weekly groceries in the same trip, the groceries trip is not deductible. If you use the car for any personal stuff, the proportional value of the car used for personal stuff is also not deductible. Keep good ppw because this is usually highly scrutinized by the IRS in an audit. g To: Sent: Wednesday, April 18, 2012 9:19 AMSubject: Re: LLC vs S corp , Mileage to and fro office to the PO/bank was enough to buy a car??? Yes it can. Mine has bought me 2 different vehicles since I went solo in 2003. My brother in law is my CPA, and no problem. I would suggest you keep track of your business miles too (like between a mail drop/POB close to home, trip from there to the office, office to bank, back to POB, etc). Eads, MD Pinnacle Family Medicine Colorado Springs, CO www.PinnacleFamilyMedicine.com From: [mailto: ] On Behalf Of Wen LiangSent: Monday, April 16, 2012 11:13 PMTo: Subject: Re: LLC vs S corp Can the corporation buy me a vehicle if I don't do home visit? I hope so. There got to be some benefits to run a small business. :-) I will ask my CPA, but does anyone know? Wen San Mateo, CA Also add the miles to the post office or wherever you get your mail From: [mailto: ] On Behalf Of MyriaSent: Sunday, April 15, 2012 2:40 PMTo: Subject: Re: LLC vs S corp Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! To: " " < > Sent: Sunday, April 15, 2012 4:37 PMSubject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as "practice manager". I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. -- Anne Walch, MHS, PA-CHealing Path Integrative Medicinewww.hpimed.com Quote Link to comment Share on other sites More sharing options...
Guest guest Posted April 19, 2012 Report Share Posted April 19, 2012 Most of my vehicle mileage is business related. There is a mail drop close to my house that I swing by on my way to/from the office. Going from the mail drop to my office, then office to bank, or to get supplies, or to Post Office, or back to office, and then swing back by the mail drop - that mileage counts. The 2 miles (roundtrip) that is from my house to/from the mail drop is personal mileage and is not deductible. I have a vehicle mileage log (small lined notepad) that I fill out daily. Typical entry: 4/18/12 mail – office – bank – mail (42) 34,345. Includes the date, where I went, (business miles – so the total miles for that day would be 44) and car odometer reading. Also can include getting gas in the car, car maintenance, car wash, etc. Keep track of it even on ‘non-business’ days – I often go to the office on weekends to catch up, swing by the PO or mail drop, and counts. Eads, MD Pinnacle Family Medicine Colorado Springs, CO www.PinnacleFamilyMedicine.com From: [mailto: ] On Behalf Of Anne Walch Sent: Wednesday, April 18, 2012 9:19 AM To: Subject: Re: LLC vs S corp , Mileage to and fro office to the PO/bank was enough to buy a car??? Yes it can. Mine has bought me 2 different vehicles since I went solo in 2003. My brother in law is my CPA, and no problem. I would suggest you keep track of your business miles too (like between a mail drop/POB close to home, trip from there to the office, office to bank, back to POB, etc). Eads, MD Pinnacle Family Medicine Colorado Springs, CO www.PinnacleFamilyMedicine.com From: [mailto: ] On Behalf Of Wen Liang Sent: Monday, April 16, 2012 11:13 PM To: Subject: Re: LLC vs S corp Can the corporation buy me a vehicle if I don't do home visit? I hope so. There got to be some benefits to run a small business. :-) I will ask my CPA, but does anyone know? Wen San Mateo, CA On Mon, Apr 16, 2012 at 9:13 PM, Eads wrote: Also add the miles to the post office or wherever you get your mail From: [mailto: ] On Behalf Of Myria Sent: Sunday, April 15, 2012 2:40 PM To: Subject: Re: LLC vs S corp Very good point -- I just can't count is as part of the providing care either! I just learned that I can count every mile I use to buy supplies or take deposits to the bank! Lots to learn. I will indeed take that out of the list! To: " " < > Sent: Sunday, April 15, 2012 4:37 PM Subject: Re: LLC vs S corp Good luck! But I wouldn't count travel to home visits as something you do as a practice manager. Most docs don't make their office managers drive them Pratt I spoke to my accountant. He does think I can switch to S-corp and save on FICA if nothing else. I also want to thank the new IMP who said he was starting out as " practice manager " . I discussed this with my accountant as well and he thought it was a point well taken since I see patients ~ 20 hours per week and the rest of my week is billing, prior auths, ordering supplies, traveling for home visits, cleaning, solving computer issues, etc. He will send me the paperwork. Hopefully, it's not too late in the year to make the switch for 2012. I would love others who switched to keep us apprised. -- Anne Walch, MHS, PA-C Healing Path Integrative Medicine www.hpimed.com Quote Link to comment Share on other sites More sharing options...
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