Practice values are continuing to rise. That’s a real boon to doctors who need those proceeds to reach their financial goals and achieve financial security in retirement. But it’s not how much you sell your practice for that’s critical; rather, it’s what’s left over after taxes that counts!
Unfortunately, doctors and their CPAs often make two serious blunders when allocating the sales price in the legal documents and reporting the sale on their tax returns, costing thousands in unnecessary taxes. Here are the errors and how to prevent them from costing you a bundle.
Misclassifying Patient Contracts as Accounts Receivable
Virtually every practice has treatment plans for larger cases that may take several months...
Log in to view this resource
Not Yet a Member?
Join The McGill Advisory with a money-back guarantee
Learn More
Join
Start Your Free 45-Day Trial Membership
Begin increasing your wealth—by saving on taxes, boosting practice profit, conserving what you earn, and ensuring a successful retirement.
Your 45-day free trial entitles you to an 8-page monthly newsletter, plus unlimited online 24/7 access to hundreds of tax reduction, practice management, wealth protection, and retirement planning solutions. No obligation, no credit card.
Free 45-Day Trial Membership
The McGill Advisory content Is provided For informational purposes only And does Not constitute legal, accounting, Or other professional advice.
Copyright © 2025 John K. McGill & Company, Inc.
Tax | Practice/Corporation
Get Ready To Supersize Your 401(k) Contributions
Read Article
Tax | Practice/Corporation
New IRS Ruling Creates More Flexible Options For Staff Benefits
Read Article
Tax | Practice/Corporation
Should You Accept IRS’s New ERC Settlement Offer?
Read Article
Tax | Practice/Corporation
More Overlooked Tax Deductions
Read Article
Tax | Practice/Corporation
It’s Not Too Late to Save on Your 2023 Taxes
Read Article
Tax | Practice/Corporation
New Strategy To Slash Taxes On Your Practice Sale
Read Article
Once you have created your account, click below to refresh this page and access this content.