Comingling Accounts has always been one of the worst bookkeeping habits “in the known universe,” as we have stated in a previous blog. With the financial upheaval of the coronavirus came a flurry of bad bookkeeping habits, as people struggled to retain their businesses. We...
Physicians’ Accounting 101 will contain the secret to financial independence, early retirement, and happiness. That’s a tall order. However, we intend to deliver some Gavrilov Gold. That's what we have termed our business planning lessons in Accounting 101. [caption id="attachment_21489" align="alignright" width="300"] Doctor, we know you...
Tax Alert: Unemployment checks are taxable income! Gavrilov & Co noted recently that the IRS just released a special reminder about your unemployment. And we are aware it could give some Americans a bit of a shock when tax-time comes. We are following up the...
Disability insurance is not a pleasant product for doctors to think about, much less buy. We know many doctors and medical professionals who cringe at the idea. Some of them consider a house or a new car much more important. Disability: Hard Questions and Risky Answers [caption...
Outsourcing accounting could become a vital asset to your small or mid-size company as the COVID-19 Pandemic continues to influence business and economic life. The global economic impact of coronavirus has forced businesses to make new and difficult choices in order to survive. To fight for...
In our previous physician-oriented blog, we brought our physicians and medical professionals the news that four areas of Medical Talent could sometimes transform into four areas of weakness when it comes to your Money Talent. Medical Talents Vs. Money Talents: Backstory Review from Part I [caption id="attachment_21266"...
Money talent and medical talent do not always mean the same thing. A doctor can be an absolutely brilliant cardiac surgeon and yet be the most financially unsuccessful person in the neighborhood. Our Accounting Executives Do Not Judge You On Money Talent [caption id="attachment_21237" align="alignright" width="450"] Surprising...
Coronavirus and the IRA: Right now, the coronavirus or Covid-19 is the elephant in the room. No matter what aspect of tax, accounting or financial life we discuss, the coronavirus makes an enormous impact on family budgets. Last Wednesday, the IRS reminded taxpayers that the...
Tax Deductions for physicians was recently our topic in the July 23rd blog. As you might have guessed, the topic proved to be a little large for just one blog. So, we promised you a Part 2 on this topic, and this is it. First of...
Doctors' Tax Planning means understand your tax deductions and strategies. Doctors don’t always like it when we ask them to think like entrepreneurs. However, most of today’s successful doctors also must learn to think success as business people. We meet a lot of inspired and...