The end of the year is quickly approaching. In order for your accountant to best serve you, there are a few end of year to-do items that need to be completed and submitted. Keep in mind that the holidays tend to be hectic for everyone, so submitting these items as soon as possible will keep things running smoothly and help you kick off the new year well ahead of schedule.
It’s time to pull together your expense reimbursements and tax adjustments to prepare for the end of the year.
End of Year Accounting Items
Expense Reimbursement
It is time to pull together all of your receipts and pertinent information related to reimbursements. Expenses you can submit for reimbursement include:
- Malpractice
- Health Insurance
- Deductibles, copays, prescriptions, etc for any medical expenses for any family member that is a dependent or spouse. This includes vision and dental expenses.
- CME – the conferences themselves are deductible. You can also deduct the airfare and hotel if it was located somewhere else. Meals are deductible up to 50% but only for you.
- Meetings are deductible. If it was a dinner meeting, the meal is only 50% deductible.
- Office supplies such as computer, printer, paper.
- Cell phone and pager.
- Email service – such as roadrunner.
- Subscriptions and Journals
- Dues
Tax Adjustments
In addition, if you had any income changes that occurred during the year – including gains, losses, or additional spousal income – that could impact your taxes, it’s best that you tell your accountant as early as possible. If they get this information in a timely manner your withholdings can be adjusted on your end-of-year checks to account for these changes.
If you have a new accountant this year, make sure to provide them with your tax returns from the previous year as well.
End of Year Accounting Considerations
Retirement Plans
It can never be restated emphatically enough how important retirement plans are. If you haven’t funded the maximum amount into your retirement plan this month there is still time to max out your yearly contribution.
Accounting for Anesthesiologists: Complete Accounting and Tax Preparation Services
Even though there are only a few things that need to be prepared for the end of the year, it isn’t too early to start thinking and preparing for next year.
Fusion Anesthesia offers comprehensive accounting and tax preparation services specifically for anesthesiologists.
Why Fusion Anesthesia?
Other CPAs are trained in a wide variety of businesses, while ours have decades of business experience dedicated to serving anesthesiologists.
You’re a specialist, shouldn’t your accountant be one too?
Our expertise allows us to understand all the specifics that uniquely apply to anesthesiologists including specific tax rules and deductions. Our focus allows us to bring you up to speed on the exact things that can impact your overall financial position.
Sure, another firm may also be able to complete your taxes, but they can’t take advantage of all tax rules simply because they don’t know them.
There are about 75,000 pages in the federal tax code, and we know every word that applies to anesthesiologists.
Our Comprehensive Accounting and Tax Services
| Accounting | Tax Services |
| Budgeting | Corporate income tax |
| Bookkeeping | Personal income tax |
| Cash receipt oversight | Pension returns |
| Client/patient fee reviews and surveys | Tax planning/guidance |
| Coding and reimbursement analysis | Quarterly/Annual payroll tax reporting |
| Critical review of billing procedures | Sales/Use tax reporting |
| Embezzlement Audits | Estate tax in partnership with estate attorneys |
| Employee compensation reviews and surveys | Monthly/annual financial; compilations |
| Payroll | Gift tax returns |
| Financial statements | Stockholder/partner agreement assistance |
| Account reconciliations | Tax audit preparation |
| Accounts payable | W-2/W-3/1099 preparation and filling for federal and state taxes |
| Benefit plan administration | Preparation for examination by tax authorities |
| Financial planning | Representation in field or office examinations |
Interested in learning more about our numerous accounting for anesthesiologists services? Contact us.