Accounting for Medical Practices New Jersey

In New Jersey’s competitive healthcare environment, medical practices must stay ahead of industry changes, adapt to challenges, and seize opportunities for growth. Partnering with seasoned professionals who offer strategic insights, improve profitability, and streamline operations is essential for achieving sustainability and success in the long term.

At Presti & Naegele Accounting Offices, our New Jersey-based Medical Practice team offers unparalleled expertise. From independent physicians to surgical centers and group practices, we’ve provided customized financial solutions tailored to meet the distinct needs of a wide variety of healthcare clients since our inception.

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

COMMON RECOMMENDATIONS TO MEDICAL PRACTICES in New Jersey 

Entity Structure

Choosing the right business structure, such as an LLC or S corporation, can offer significant tax benefits along with liability protection.

Business Expense Deductions

Properly identifying and deducting expenses like office rent, medical supplies, staff salaries, and professional development costs can significantly lower tax obligations.

Equipment Purchases

Taking advantage of tax incentives like bonus depreciation or Section 179 for equipment purchases can lead to notable financial savings.

Retirement Planning

Contributing to retirement accounts such as 401(k)s or SEP IRAs can reduce taxable income while helping secure long-term financial goals.

Health Savings Accounts

HSAs provide a tax-advantaged method to set aside funds for healthcare expenses.

Cost Segregation

Medical practice owners with commercial properties can use cost segregation studies to accelerate depreciation and boost available deductions.

Tax Credits

Exploring options like hiring incentives or energy efficiency tax credits can help further minimize tax liabilities.