Accounting for Medical Practices Connecticut

In Connecticut’s dynamic healthcare landscape, medical practices must proactively adapt to industry changes, overcome challenges, and seize growth opportunities. Working with experienced professionals who provide strategic advice, enhance profitability, and streamline processes is crucial for achieving long-term sustainability and success.

At Presti & Naegele Accounting Offices, our dedicated Connecticut Medical Practice team delivers unmatched expertise. From individual physicians to group practices and surgical centers, we’ve been crafting tailored financial solutions to address the unique needs of healthcare clients since day one.

Our experience equips us to offer sound advice that supports strategic decision-making, operating performance and profit optimization.

COMMON RECOMMENDATIONS TO MEDICAL PRACTICES in Connecticut 

Entity Structure

Selecting the appropriate business structure, whether an LLC or S corporation, can provide valuable tax advantages and safeguard against liability.

Business Expense Deductions

Accurately identifying and deducting expenses such as office space, medical supplies, employee wages, and professional development costs can greatly reduce tax burdens.

Equipment Purchases

Utilizing tax benefits like Section 179 or bonus depreciation on equipment purchases can result in substantial financial savings.

Retirement Planning

Investing in retirement plans such as SEP IRAs or 401(k)s can lower taxable income while supporting long-term financial security.

Health Savings Accounts

HSAs offer a tax-efficient way to save for healthcare-related expenses.

Cost Segregation

Medical practice owners with commercial real estate can leverage cost segregation studies to accelerate depreciation and enhance tax deductions.

Tax Credits

Taking advantage of opportunities like energy efficiency credits or hiring incentives can further reduce tax obligations.