Thinking of starting a new medical practice and wondering where do I begin? Well the first step is to download the new practice start-up checklist from my website:
The next step is to engage a healthcare consultant or a CPA who has significant healthcare experience to help guide you through the start-up process. You can try to go at it alone but I don’t recommend it. But did you know the IRS offers tax tips for new businesses? The IRS offers a number of tax tips for new physician business owners, including: (1) deciding what type of business entity to establish, since it will determine which tax form to file; (2) applying for an Employer Identification Number (EIN), which can be obtained online at www.irs.gov ; and (3) establishing a recordkeeping system “suited to your business that clearly shows your income and expenses.” While the law generally does not require any special kind of records, the business you are in affects the type of records you need to keep for federal tax purposes.
Check out these resources to assist in getting your new practice off to a good start.