Accounting for Medical Practices New York

To succeed in New York’s competitive medical landscape, it’s vital for practices to stay ahead of industry trends, navigate pressures, and capitalize on growth opportunities. Partnering with experienced advisors who can deliver critical insights, optimize profitability, and enhance operational efficiency is crucial for maintaining relevance and achieving long-term success.

At Presti & Naegele Accounting Offices, our Medical Practice team in New York brings unmatched expertise to the table. Since our founding, we’ve supported a diverse range of clients, including surgical centers, independent physicians, and group specialty practices, with tailored solutions designed to meet their unique needs.

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 York 

Entity Structure

Selecting the ideal business structure, such as an S corporation or LLC, can provide both tax advantages and liability protection.

Business Expense Deductions

Accurately categorizing and deducting expenses like medical supplies, office rent, employee salaries, and professional development can help reduce overall tax liability.

Equipment Purchases

Leveraging tax benefits like Section 179 or bonus depreciation for equipment purchases can result in substantial savings.

Retirement Planning

Maximizing contributions to retirement plans such as SEP IRAs or 401(k)s can help lower taxable income while securing future financial stability.

Health Savings Accounts

Using HSAs provides a tax-efficient way to save for medical expenses.

Cost Segregation

Medical practice owners with office buildings can conduct cost segregation studies to accelerate depreciation and increase deductions.

Tax Credits

Exploring tax credits, including those for energy efficiency improvements or hiring incentives, can further reduce tax obligations.