Tax Strategist Near Me: Top 7 Picks for Physicians

Being a doctor is no walk in the park, especially when you’re juggling complex income structures and hefty student loan debt and also trying to think about retirement down the road.

That’s where the right tax strategist comes in!

They can help you navigate these tricky tax waters, help you achieve fiscal wellness, and secure your financial future.

We’re shedding light on top-rated tax planning firms that cater specifically to medical professionals, as well as the factors to consider when looking for the perfect tax advisor for your particular needs.

Key Takeaways

• Specialized tax strategists for physicians provide services beyond tax planning, including debt management, retirement strategies, and practice-specific fiscal advice.
• When picking a tax consultant, ask yourself these questions:
  • Do they understand what it’s like to be a doctor?
  • Do they offer year-round planning?
  • Are they upfront about their fees?
  • And most importantly, do you feel like you could work well with them?

• Effective tax strategies for doctors may include income deferral, tax-efficient investing, retirement distribution planning, and estate minimization tailored for high-income earners.

1. Physicians Thrive

Physicians Thrive stands out as a specialized financial advisory group that caters exclusively to doctors and surgeons.

Our deep understanding of the medical profession stems from over 200 years of combined experience in both medical practice and financial services, with a track record of negotiating over $2.4 billion in compensation

Our unique background and comprehensive approach allow us to address the specific financial challenges faced by healthcare professionals.

This includes debt management, tax avoidance strategies tailored to high-income earners, estate planning, and retirement planning.

We operate on a fee-based model that’s 100% transparent, ensuring our clients fully understand how the firm is compensated and the rationale behind our recommendations.

This level of clarity is particularly valuable for busy medical professionals who may not have the time to scrutinize complex fiscal strategies.

2. Fox & Company CPAs

Fox & Co. CPAs is a firm that emphasizes proactive tax planning as a key strategy for legally reducing tax liability.

Their approach extends beyond basic tax compliance, though.

They initiate client engagement at the beginning of each tax year to maximize opportunities for tax reduction.

The firm employs multi-year planning strategies, recognizing that certain tax breaks may be more beneficial when timed correctly across several years.

This forward-thinking approach can result in significant long-term tax savings for clients.

With 36 years of combined experience, Fox & Co. CPAs serve a diverse client base across the United States and Mexico.

They have the expertise to deal with different state and local tax codes as well as complex business scenarios, and they stay current with tax laws and regulations through ongoing education and networking.

3. Kislay Shah CPA PC

With a client base that includes a wide range of specialties, from neurologists and ophthalmologists to surgeons and internal medicine specialists, Kislay Shah CPA PC boasts significant expertise in serving doctors’ unique financial needs.

The firm offers comprehensive services that are tailored specifically to the needs of medical professionals, including:

• Tax preparation and planning to minimize future tax liabilities
• Investment guidance to build and protect wealth
• Retirement strategies to ensure long-term financial security
• Advice on hiring and retaining employees/consultants

Kislay Shah CPA PC stays in sync with the latest federal, state, and local tax law, continuously identifying new opportunities to reduce your tax bill as a client.

They also provide valuable insights into the financial aspects of medical practice mergers and acquisitions, a growing trend in the healthcare industry.

4. Hamilton Tax and Accounting

Providing all-inclusive financial services, Hamilton Tax and Accounting has built a strong reputation over the past decade.

Their growth is attributed to their success in helping clients, from individual families to large corporations, save money and resolve IRS challenges.

The firm’s team of highly qualified CPAs and enrolled agents is equipped to handle diverse fiscal scenarios, no matter how complex.

Their services include the preparation of all types of tax returns: personal, business, and specialized forms that clients may not be aware they need to file.

Beyond tax preparation, the firm can also help you strategize for retirement and ensure the preservation of accumulated wealth.

They also offer continuous support throughout the entire process.

The firm is based in Grayslake, IL, but it serves clients globally. So no matter where you are located, you can always reliably count on Hamilton Tax and Accounting.

5. Physician Tax Solutions

Looking for a tax strategist who places a strong emphasis on proactive tax planning, continuously seeking and updating their strategies to maximize savings?

Physician Tax Solutions is the answer.

In terms of tax compliance, the firm ensures that all necessary individual state and federal income taxes are filed accurately and on time, including any required entity income tax filings.

The firm goes beyond mere compliance and management.

They also offer comprehensive retirement planning, helping physicians leverage their high incomes to secure their financial futures.

Their team-based approach ensures that clients have access to a range of professional expertise and thorough support for all aspects of their financial lives.

6. NGG Tax Group

NGG Tax Group, based in South Shore, MA, offers all-inclusive tax and financial services tailored to small businesses, non-profits, and working professionals.

Their expertise spans everything from tax preparation and planning to bookkeeping, IRS problem resolution, and business services.

The firm can assist you with the following:

• Deferring income to reduce current tax burdens
• Minimizing estate and gift taxes legally
• Developing tax-efficient investment and retirement distribution plans
• Lowering taxes on various income sources

NGG Tax Group’s approach is completely client-centric, with an emphasis on responsiveness and genuine expertise.

They pride themselves on offering personalized solutions and attention, which are often lacking in larger firms. This allows you to focus on your passions while they take care of all the fiscal intricacies.

7. Residency to Retirement

Residency to Retirement offers a structured four-step process designed to dispel all of your tax and retirement planning worries.

Their approach begins with an initial discovery meeting where they assess your current tax situation and goals.

This is a no-pressure consultation that allows both parties to determine if there’s a good fit before proceeding.

The firm’s data collection and analysis phase is thorough. It uses in-depth questionnaires and advanced software to process current and past tax information.

This forms the basis for developing a personalized tax plan, which leads to outlining a specific tax plan tailored to your situation (third phase), followed by the implementation (fourth phase).

A key feature of Residence to Retirement’s service is the firm’s commitment to ongoing advisory support.

They schedule four touch-points throughout the year to update financial information, address changes in your financial life, and ensure proper tax strategy implementation.

Factors to Consider Before Hiring a Tax Advisor

As a medical professional, your financial situation demands specialized attention. Here are some crucial factors to consider when choosing a tax strategist:

Expertise and Credentials

You should opt for a tax planning firm that has specific experience in serving medical professionals so you can rest assured that they understand the unique financial challenges that doctors face.

Additionally, they should have relevant credentials, such as Certified Public Accountant (CPA), Enrolled Agent (EA), or Licensed Tax Attorney.

These qualifications indicate a high level of expertise and adherence to ethical and legal standards.

You should verify their credentials through professional organizations like the American Institute of Certified Public Accountants (AICPA) or the National Association of Enrolled Agents (NAEA).

Comprehensive Approach to Tax Planning

A valuable tax planner for physicians offers more than just annual tax preparation.

They should provide year-round, proactive tax planning tailored for your specific situation.

Look for someone who can explain strategies for:

• Income deferral
• Tax-efficient investing
• Retirement distribution planning
• Estate tax minimization

They should be knowledgeable about tax strategies relevant to high-income earners while balancing aggressive tax-saving approaches with compliance and audit protection.

Be sure to discuss their “aggression scale” to ensure their strategies align with your risk tolerance.

Technology and Communication

Digital communication and accounting services can help in saving money and time.

However, you should also prioritize accessibility and support.

As a busy physician, you need an advisor who is readily available to answer questions and provide guidance when needed.

With that in mind, you want to discuss communication methods, response times, and how often they schedule check-ins to keep your financial strategy on track.

Some firms offer regular touchpoints throughout the year to update your financial information and address any changes in your situation.

Transparent Pricing and Value

Reputable tax consultants provide clear, binding statements about their costs.

You should avoid advisors who base their fees on the size of your tax refund or make unrealistic promises.

Instead, look for transparent pricing that’s based on the complexity of your tax situation.

Also, consider the potential return on investment, as some firms may guarantee to double your investment in the design of your tax plan.

The goal is to find a strategist who can provide value that exceeds their cost, through effective tax-saving strategies.

Reputation and Personal Fit

Last but not least, you should research the tax advisor’s reputation through online reviews, client testimonials, and their standing with professional organizations.

Don’t hesitate to ask for references from other MDs or healthcare professionals.

Moreover, during your initial consultation, you should assess whether the strategist shows genuine interest in your situation and explains concepts clearly.

A good rapport can lead to a more productive long-term relationship.

Finally, consider their location. While not always necessary with modern technology, some physicians prefer a local tax consultant for easy face-to-face meetings when needed.

Wrapping Up

We know how overwhelming the world of taxes can be for an MD, but we’re here to tell you that it doesn’t have to be that way!

You can turn financial challenges into opportunities for growth and security with the right tax strategist by your side.

Each of the firms we’ve highlighted offers unique strengths. The key is finding one that aligns with your needs and goals.

To do that, you must take the time to evaluate your options, ask many questions, and not settle for anything less than a partner who truly understands the financial intricacies of your profession.

For personalized guidance tailored to physicians, reach out to Physicians Thrive today and take the first step toward optimizing your financial future.