Tax Planning For Medical Professionals
We're here to make your tax affairs simple!
Optimize Your Taxes, Increase Your Net Worth
Taxes are inevitable, but they don't have to be complicated.
For more than 65 years, PRIME has provided tax planning services to physicians. We understand your particular needs as a resident, fellow, hospital administrator, or private practice owner.
We take a holistic approach to wealth management by providing our client access to -
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Team of tax strategists
Get advice and active involvement from a team of experienced professionals—including a CPA, estate attorney, insurance, and others
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Personalized service
We understand that every physician, family, and business is different. Get tax planning tailored to your needs because we understand that each client and situation is unique.
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Communication & Commitment
Our core value is active involvement. We have a network of professionals on our side to ensure that your communication flows seamlessly with us.
We Help You Keep More of Your Money
As a Prime Financial Services client, you’ll have access to our team of tax strategy consultants who help you achieve financial freedom sooner. We’ll create a tax strategy that fits your needs and monitor the changing tax landscape to ensure you’re always in good standing.
Develop a
written plan
Reduce Tax
Control Cash
Flow
Seek Counsel
Understand
Risk
Build tax efficient wealth
Focus on Progress, not perfection
Keep perspective
Your Tax Solutions At Prime
Our team of experienced financial advisors offers guidance on a variety of personal and business tax matters to help you optimize your federal, investment, and local taxes. We cover:
We continually stay ahead of the curve in business restructuring methodologies, offering advice to our clients on optimizing their cash flow.
We work closely with our partners —CPAs and Tax Attorneys to keep you updated on the latest tax law changes and accounting updates
Our partners actively share their expertise through speaking engagements with local businesses, healthcare institutions, and professional groups.
Our professionals stay updated on the latest tax laws and accounting norms, ensuring clients are well-prepared for financial
changes.
Your tax strategy is isn't just up-to-date, but tailored to suit your specific needs.
Why Choose PRIME Financial Services?
Our team travels around the country educating the medical community on the importance of tax planning.
PRIME’s tax seminars are well attended and sought out as a great resource to self-educate the medical community about the complexities of the United States tax system.
If you’re interested in learning more about how to keep more of your money, then our seminars are worth attending!
Keep up with the ever-changing world of taxes
What Our Clients Are Saying
“Howard, Jason, and the PRIME team are always honest and very quick to respond. Whenever I’ve needed them to help with something, big or small I always feel comfort that they are there”.
Executive Technology Consultant, NJ
“I have been with PRIME since my residency, and first met them at their seminar. I was surprised that they were even better in person than they were during the presentation. This was not usually true with all the vendors we had come to the hospital. With that said, they’ve always been there for me from the beginning. Now I have a family, a crazy shift schedule, and a busy life and we are very happy that we have this relationship”.
Emergency Physician, CA
“Prime is always very comforting and detailed with my financial planning. Whether it’s guidance with my tax planning, or laying out a financial path, they are always listening and building our wishes. They have helped me build a successful practice while also supporting our own individual financial goals for over 15 years”.
Pediatrician, CT
“Jason is always ready and willing to help with some very useful advice. The team always finds a way to ease my concerns in a quick manner. My husband and I like to interact quite a bit with them, and they always respond quickly. While I am sure that Jason is very busy, he and the team always make us feel like they have all the time in the world just for us”.
Medical Director, NY
“Jason is always ready and willing to help with some very useful advice. The team always finds a way to ease my concerns in a quick manner. My husband and I like to interact quite a bit with them, and they always respond quickly. While I am sure that Jason is very busy, he and the team always make us feel like they have all the time in the world just for us”.
Medical Director, NY
Other Services We offer
Business Creation
For more than 65 years, PRIME has provided tax planning services to physicians. We understand your unique needs.
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Tax Planning
For more than 65 years, PRIME has provided tax planning services to physicians. We understand your unique needs as a resident, fellow, hospital administrator, or private practice owner.
Learn More
Debt Planning
We'll help you tackle the root problems of your debt by analyzing all aspects of your financial situation.
Learn More
Investment Planning
Investing isn’t always about how much you have in your account. It should be about having the money available when you need it. We help physicians invest by building personalized investment programs based on their time horizon, risk tolerance, tax situation, and preferences.
Learn More
Insurance Services
As a doctor, you deserve the best protection! Let us help you with our specialized insurance plans that cover all three types of risks: Life, Disability, and Long-Term Care.
Learn More
Retirement Services
PRIME simplifies retirement planning for doctors with customized guidance and real-time tracking to ensure your plan aligns with your financial goals. We can help you answer that ever-so-present question: “How much do I need?”
Learn MoreFinancial Management Made Simple!
We will help take charge of your financial future by guiding you towards smart decisions, and not just recovering after difficult times.
FAQ's
If you earn income in two states that collect income taxes, you’ll need to file two tax returns.
- First, you will need to file a nonresident return with the state where you work. This form will require information that is necessary to complete your resident state tax return.
- Next, file a resident return with your state of residence. To prevent double taxation, most states give you credit for taxes paid to another state.
Restricted stock and RSUs are taxed differently from other stock options. The restricted stock becomes taxable when it vests. It is taxed as ordinary income in the year of vesting.
- Healthcare Insurance
- Health Savings Accounts
- Supplemental Insurance Coverage
- Short-Term Disability
- Long-Term Disability
- Dental Insurance
- Child Care Expenses
- Medical Expenses and Flexible Spending Accounts
- Life Insurance
- Commuter Benefits
- Retirement Funds
- Tax-Deferred Investments
- Vision Benefits
- Parking Permits
Your gross tax liability is the amount of taxes you owe the government, based on the difference between your taxable income and your tax deductions.
An experienced tax strategy consultant may guide you for these tax deductions:
- Qualified business income deduction (QBID) for personal income as well as a rental property
- Depreciation in real estate deduction
- Depreciation in real estate deduction
- Food expense deduction
- Health savings account (HSA) and IRA contributions
- Student loan payment deduction
- Stock market loss
- Education savings deductions
- Child tax credit
- Home office deductions
- Home improvement deductions
- Pre-tax contributions to retirement plans
- Charitable donations
- Tax-loss harvesting
- Home mortgage interest
- Self-Employed Physicians Can Save Taxes By Hiring Their Kids
- Roth IRA for Physicians’ Kids Offer Tax-Free Growth