10 Common Tax Deductions for 1099 Physicians

In this video, we will be addressing a question that was left as a comment on our YouTube channel. The question is, "What are the common tax deductions that physicians who earn 1099 income can claim?" If you are a physician whose income is derived from 1099, you may not be taking advantage of all the possible tax deductions available to you, whether it’s your primary source of income or a side gig. Key Insights 💡 💡 The home office deduction can be a powerful deduction for physicians with self-employment income, allowing them to deduct a percentage of various expenses related to their home office. 💡 Internet and phone expenses can be deducted for self-employed physicians, but it's important to document and calculate the business use percentage accurately. 💡 Travel expenses, such as airfare, meals, and transportation, can be deducted for business purposes, but they must be properly documented and meet the criteria of a legitimate business trip. 💡 Vehicle deductions can be calculated either by a percentage basis or using the mileage deduction, but accurate tracking and documentation are crucial. 💡 Deductions for memberships, dues, and education expenses related to self-employment can be valuable for physicians looking to improve their skills or maintain professional affiliations. 💡 Business insurance premiums, including auto insurance and medical malpractice insurance, can be deductible for self-employed physicians, but they must be directly related to the business. 💡 Marketing costs, including website expenses and advertising, are deductible for self-employed physicians as they directly contribute to the growth and improvement of the business. Highlights 🕒 0:00 Introduction 1:38 Home Office 2:27 Internet & Phone 3:19 Travel Expense 4:03 Car and Vehicles 4:58 Memberships, Dues, Education 5:40 Business Insurance 6:32 Marketing 7:15 Retirement Accounts 8:09 Health Insurance 9:00 Self-Employment Taxes ------------------------------------------- Please share any topics or questions you would like to see featured in our videos in the future! Drop us a line in the comments 🙏 👉 Follow us on socials, join our weekly newsletter, get our free eBook, and more: https://go.wealthkeel.com/m/WK Music from Intro Video: Sunburst by Tobu & Itro - http://bit.ly/2p6JaWw Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.