From doctors and dentists to lawyers, speech language pathologists and veterinarians, we have the knowledge and experience to ensure you minimize your taxes and maximize value.
In the case you’re a self-employed individual we will make certain you utilize every possible tax deduction and credit. As a self-employed professional, you are required to pay income tax at your personal tax rate on your net income regardless of the funds you withdrew during the year. You may have family members involved in your business in various capacities.
SPH will work for you to ensure you take advantage of any income splitting opportunities available to you.
Doctors and Dentists
Special rules apply to Doctors and Dentists with respect to family members that may be shareholders of a professional corporation. Care must be taken to structure the shares and ownership to allow for maximum income splitting opportunities to maximize family tax savings and for estate planning purposes.
SPH has advised many doctors and dentists on these issues and has assisted in minimizing taxes on an ongoing basis. Please contact us to provide advice in this regard.
As a professional, you have a unique opportunity to minimize income taxes and income-split. However remaining a sole proprietor or partner in a professional partnership still remain viable options in many situations.
There may be tax advantages to incorporating but it is not a panacea for everyone.
Sedgwick Post & Hogg can work with you to determine if a professional corporation is right for you and how to involve family members in the business. To maximize the value of your business we can establish the optimal salary-dividend mix to ensure you save on taxes while satisfying your personal cash flow needs.
The following are some of the accounting services we provide to our professional clients:
Taxation, financial statements, purchase and sale of a business, harmonized sales tax, succession planning, advisory services, consulting – software
- Financial Statements
- Harmonized Sales Tax
- Purchase And Sale Of A Business
- Succession Planning
- Advisory Services
- Accounting Software
Contact us today to discuss your unique situation.