Accounting for Medical Practices NYC

In NYC's ever-evolving healthcare environment, medical practices must stay ahead by adapting to industry trends, addressing obstacles, and capitalizing on opportunities for growth. Collaborating with seasoned experts who provide strategic insights, boost profitability, and simplify operations is vital for ensuring long-term success and sustainability.

At Presti & Naegele Accounting Offices, our NYC Medical Practice team offers unparalleled expertise. Whether working with solo physicians, group practices, or surgical centers, we’ve been delivering customized financial strategies designed to meet the unique demands of healthcare professionals from the very beginning.

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

COMMON RECOMMENDATIONS TO MEDICAL PRACTICES in NYC

Entity Structure

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

Business Expense Deductions

Carefully tracking and deducting costs like office rentals, medical supplies, staff salaries, and professional training expenses can effectively minimize tax liabilities.

Equipment Purchases

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

Retirement Planning

Contributing to retirement plans, including SEP IRAs or 401(k)s, not only supports future financial stability but also helps lower taxable income.

Health Savings Accounts

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

Cost Segregation

Medical practice owners with commercial properties can utilize cost segregation studies to accelerate depreciation and maximize tax deductions.

Tax Credits

Leveraging incentives like energy efficiency tax credits or hiring credits can further help reduce overall tax responsibilities.