If you’re above $500K in income, you’re about to get creamed by the tax code. You probably heard about the tax bill that was passed on July 4.
Good news - the bill was mostly good for doctors and business owners.
BUT there are some serious changes for high income earners.
AND serious benefits if you can keep your income below that $500,000 milestone.
I’m hosting a webinar tomorrow at 5pm PST to walk through the implications of the new $500,000 income milestone, and how doctors on either side of it can adjust their tax minimization strategy.
My ask: Would you be willing to share this with your network?
I’m confident it will provide actionable steps they can take to save on taxes this year, and hopefully make you look good in the process.
If you’re thinking, “Why would I share your stuff with my network?” fair question. Honestly, I wouldn’t expect you to, but will be grateful if you consider it.
Also, let me know if you want to consider hosting a co-branded version of this emergent tax topic, tailored specifically for your clients.
I freaking love serving doctors! Grateful to be doing life and business with peers like you.
NEW: QBI or Qualified Business Income is basically a 20% discount on your business profits, but not every CPA will take the time to calculate this. (It’s a unique set of factors to maximize this benefit - ask them if they do!)
Under the Big Beautiful Bill, the QBI is now a permanent part of the tax code, but there are strings attached.
For doctors, the QBI deduction starts to phase out above $400,000 and disappears entirely at $550,000 (married).
But if you’re under that threshold, it’s game on.
💡 Ways to optimize it:
• If you're a sole proprietor, consider switching to an S-Corp. It might save you money and help you qualify for QBI. It might not though, so check first.
• If you're already an S-Corp, your wages vs. distributions matter a LOT. Pay yourself too little or too much, and your QBI benefit could vanish.
If you’re a doctor or business owner, I’m hosting a briefing Thursday night at 5pm PST. If you can’t attend live, register to receive the recording and fact sheet on what to do next. Join live to be part of Q&A with me.
NEW: If you're a doctor making less than $500,000 in taxable income (and you’re married), you’re in the tax code’s sweet spot right now.
First, some context:
Congress just passed a big new tax bill. They’ve decided that if you make under $500,000, you're “mid.”
("Mid" = Gen Z slang for average. Not an insult in this case.)
People under $500k get:
✅ Bigger QBI deductions (aka, discounts on your taxes)
✅ SALT relief (aka, you now get a deduction for state income tax or property tax on your home)
✅ Expanded Child Tax Credits (these phase out for ‘high-income earners’)
It reminds me of the last big tax bill from 2017/2018—where they drew a line between “middle class” (who got all the perks) and “annoyingly-wealthy” (who got beat up).
This time, that line is floating right around $500,000 in taxable income for married couples. Cross it, and some benefits disappear fast.
If you’re a doctor or business owner, I’m hosting a briefing Thursday night at 5pm PST. If you can’t attend live, register to receive the recording and fact sheet on what to do next. Join live to be part of Q&A with me.
🧾 The “One Big Beautiful Bill” Just Passed… But Is It Beautiful for Doctors?
📉 Join us for a no-fluff, straight-to-the-jugular webinar breaking down exactly what this bill means for doctors.
🗓 When: Thursday, July 31 at 5:00 PM PST
Congress may have passed the 'One Big Beautiful Bill', but when it comes to your practice, is it really all that pretty?
We’ll unpack what’s actually in the bill, how it could impact your practice, and what you should be doing right now to get ahead of your 2025 taxes, before it’s too late.
This doctor-centric tax webinar is great if you're a doctor, your loved one is a doctor, or you love doctors (because you sell them stuff).
If I owned a dental practice and had 5 minutes to look at my "numbers" each day, what would I look at?
My day sheets....Ew, gross.
But the juicy things you can find in your day sheets:
- Did all our procedures get captured? (Missing a buildup? That's $200+ walking out the door)
- What's up with the adjustments? (Why did we write off $500 today?)
- Do the deposit amounts tie with check totals and credit card batches?
- Do any patient account balances look strange? (For example, a negative balance or an unusually high credit, could be an error to fix.)
- Are there any unusual refunds or credits that need explaining?
- How does today's production compare to our goal?
As an accountant, I'm supposed to tell you to obsess over your breakeven numbers, expense ratios, debt ratios, marketing ROI, or whatever other fancy metrics we love to preach about.
But honestly? There's so much power in those day sheets that if you didn't do anything else, you'd serve yourself well.
By reviewing your day sheet daily, you'd:
1. Ensure you're billing for all procedures and not missing revenue
2. Make sure the money actually gets collected
3. Catch adjustments that look fishy (no shenanigans on your watch)
4. Catch errors or problems the day they happen, so a small mistake doesn’t snowball into a big issue later
5. Keep your finger on the pulse of your practice's daily rhythm
I think this is where AI could help practice owners. Because finding time for this daily check is hard, but it's so freaking important.
Check those day sheets! And then peek at your bank account for a hot second.
If you disagree though, let me know where I'm wrong. What numbers do you think are more important for a quick daily check-in?
If I’m a dentist, am I getting regular massages? Yes.
Am I deducting them as business expenses? Ehhhhhh...
Dentistry is brutal on the body. You're hunched over, craning your neck, gripping instruments, and focusing intensely, all day, every day. It’s not just “sitting in a chair.” It’s physically demanding.
Most of you non-dentist muggles don’t understand the toll dental wizardry takes. For reals.
So if massage therapy helps dentists stay pain-free and practicing longer, shouldn’t it be deductible?
Here’s where the IRS gets as cool as an Arizona summer.
The tax code allows deductions for “ordinary and necessary” business expenses. Chronic neck and back pain? Totally ordinary in dentistry. So deduct that massage, right?
Well, the IRS doesn’t want to see ANY personal benefit.
And let’s be honest, massages feel personal. Relaxing. Spa-like. That alone makes them tough to justify in an audit.
Personally, I hate massages. Call me weird, but don’t touch me, okay! Still, if I were a dentist, I’d probably get them regularly for my ability to work in my business. So I’d be getting massages solely for business reasons. And in spirit, that should be deductible. But the IRS doesn’t follow the spirit, just the letter.
To even have a shot, you'd need:
• A clear business purpose (work-related musculoskeletal pain)
• Documentation (like a doctor’s note)
• A consistent treatment plan
Will it fly?
Probably not. Courts have ruled against similar deductions in other professions, even when medically necessary. The personal benefit perception is too strong in my opinion.
While you won't go to jail for trying, it will be an uphill battle. I wish the IRS would allow this, and I don't blame any dentist who wants to challenge it. If someone has successfully won this with the IRS, I'd love to hear about it.
On second thought, why don't disability insurance companies cover this this for dentists?...it would likely save them money in the long run.
Fun fact:
• In 2009, a 70-year-old attorney tried to deduct $70,000 in massages (for osteoarthritis... and erectile dysfunction😐). The IRS said no. The courts agreed.
Travis Slade CPA
If you’re above $500K in income, you’re about to get creamed by the tax code. You probably heard about the tax bill that was passed on July 4.
Good news - the bill was mostly good for doctors and business owners.
BUT there are some serious changes for high income earners.
AND serious benefits if you can keep your income below that $500,000 milestone.
I’m hosting a webinar tomorrow at 5pm PST to walk through the implications of the new $500,000 income milestone, and how doctors on either side of it can adjust their tax minimization strategy.
My ask: Would you be willing to share this with your network?
I’m confident it will provide actionable steps they can take to save on taxes this year, and hopefully make you look good in the process.
If you’re thinking, “Why would I share your stuff with my network?” fair question. Honestly, I wouldn’t expect you to, but will be grateful if you consider it.
Also, let me know if you want to consider hosting a co-branded version of this emergent tax topic, tailored specifically for your clients.
I freaking love serving doctors! Grateful to be doing life and business with peers like you.
Link in bio to register.
6 months ago | [YT] | 0
View 0 replies
Travis Slade CPA
NEW: QBI or Qualified Business Income is basically a 20% discount on your business profits, but not every CPA will take the time to calculate this. (It’s a unique set of factors to maximize this benefit - ask them if they do!)
Under the Big Beautiful Bill, the QBI is now a permanent part of the tax code, but there are strings attached.
For doctors, the QBI deduction starts to phase out above $400,000 and disappears entirely at $550,000 (married).
But if you’re under that threshold, it’s game on.
💡 Ways to optimize it:
• If you're a sole proprietor, consider switching to an S-Corp. It might save you money and help you qualify for QBI. It might not though, so check first.
• If you're already an S-Corp, your wages vs. distributions matter a LOT. Pay yourself too little or too much, and your QBI benefit could vanish.
If you’re a doctor or business owner, I’m hosting a briefing Thursday night at 5pm PST. If you can’t attend live, register to receive the recording and fact sheet on what to do next. Join live to be part of Q&A with me.
Link in bio to register.
6 months ago | [YT] | 0
View 0 replies
Travis Slade CPA
NEW: If you're a doctor making less than $500,000 in taxable income (and you’re married), you’re in the tax code’s sweet spot right now.
First, some context:
Congress just passed a big new tax bill. They’ve decided that if you make under $500,000, you're “mid.”
("Mid" = Gen Z slang for average. Not an insult in this case.)
People under $500k get:
✅ Bigger QBI deductions (aka, discounts on your taxes)
✅ SALT relief (aka, you now get a deduction for state income tax or property tax on your home)
✅ Expanded Child Tax Credits (these phase out for ‘high-income earners’)
It reminds me of the last big tax bill from 2017/2018—where they drew a line between “middle class” (who got all the perks) and “annoyingly-wealthy” (who got beat up).
This time, that line is floating right around $500,000 in taxable income for married couples. Cross it, and some benefits disappear fast.
If you’re a doctor or business owner, I’m hosting a briefing Thursday night at 5pm PST. If you can’t attend live, register to receive the recording and fact sheet on what to do next. Join live to be part of Q&A with me.
👉 Link in bio to sign up
6 months ago (edited) | [YT] | 0
View 0 replies
Travis Slade CPA
🧾 The “One Big Beautiful Bill” Just Passed… But Is It Beautiful for Doctors?
📉 Join us for a no-fluff, straight-to-the-jugular webinar breaking down exactly what this bill means for doctors.
🗓 When: Thursday, July 31 at 5:00 PM PST
Congress may have passed the 'One Big Beautiful Bill', but when it comes to your practice, is it really all that pretty?
We’ll unpack what’s actually in the bill, how it could impact your practice, and what you should be doing right now to get ahead of your 2025 taxes, before it’s too late.
This doctor-centric tax webinar is great if you're a doctor, your loved one is a doctor, or you love doctors (because you sell them stuff).
👉 Link in bio to sign up
6 months ago | [YT] | 0
View 0 replies
Travis Slade CPA
If I owned a dental practice and had 5 minutes to look at my "numbers" each day, what would I look at?
My day sheets....Ew, gross.
But the juicy things you can find in your day sheets:
- Did all our procedures get captured? (Missing a buildup? That's $200+ walking out the door)
- What's up with the adjustments? (Why did we write off $500 today?)
- Do the deposit amounts tie with check totals and credit card batches?
- Do any patient account balances look strange? (For example, a negative balance or an unusually high credit, could be an error to fix.)
- Are there any unusual refunds or credits that need explaining?
- How does today's production compare to our goal?
As an accountant, I'm supposed to tell you to obsess over your breakeven numbers, expense ratios, debt ratios, marketing ROI, or whatever other fancy metrics we love to preach about.
But honestly? There's so much power in those day sheets that if you didn't do anything else, you'd serve yourself well.
By reviewing your day sheet daily, you'd:
1. Ensure you're billing for all procedures and not missing revenue
2. Make sure the money actually gets collected
3. Catch adjustments that look fishy (no shenanigans on your watch)
4. Catch errors or problems the day they happen, so a small mistake doesn’t snowball into a big issue later
5. Keep your finger on the pulse of your practice's daily rhythm
I think this is where AI could help practice owners. Because finding time for this daily check is hard, but it's so freaking important.
Check those day sheets! And then peek at your bank account for a hot second.
If you disagree though, let me know where I'm wrong. What numbers do you think are more important for a quick daily check-in?
7 months ago | [YT] | 0
View 0 replies
Travis Slade CPA
If I’m a dentist, am I getting regular massages? Yes.
Am I deducting them as business expenses? Ehhhhhh...
Dentistry is brutal on the body. You're hunched over, craning your neck, gripping instruments, and focusing intensely, all day, every day. It’s not just “sitting in a chair.” It’s physically demanding.
Most of you non-dentist muggles don’t understand the toll dental wizardry takes. For reals.
So if massage therapy helps dentists stay pain-free and practicing longer, shouldn’t it be deductible?
Here’s where the IRS gets as cool as an Arizona summer.
The tax code allows deductions for “ordinary and necessary” business expenses. Chronic neck and back pain? Totally ordinary in dentistry. So deduct that massage, right?
Well, the IRS doesn’t want to see ANY personal benefit.
And let’s be honest, massages feel personal. Relaxing. Spa-like. That alone makes them tough to justify in an audit.
Personally, I hate massages. Call me weird, but don’t touch me, okay! Still, if I were a dentist, I’d probably get them regularly for my ability to work in my business. So I’d be getting massages solely for business reasons. And in spirit, that should be deductible. But the IRS doesn’t follow the spirit, just the letter.
To even have a shot, you'd need:
• A clear business purpose (work-related musculoskeletal pain)
• Documentation (like a doctor’s note)
• A consistent treatment plan
Will it fly?
Probably not. Courts have ruled against similar deductions in other professions, even when medically necessary. The personal benefit perception is too strong in my opinion.
While you won't go to jail for trying, it will be an uphill battle. I wish the IRS would allow this, and I don't blame any dentist who wants to challenge it. If someone has successfully won this with the IRS, I'd love to hear about it.
On second thought, why don't disability insurance companies cover this this for dentists?...it would likely save them money in the long run.
Fun fact:
• In 2009, a 70-year-old attorney tried to deduct $70,000 in massages (for osteoarthritis... and erectile dysfunction😐). The IRS said no. The courts agreed.
7 months ago (edited) | [YT] | 0
View 0 replies