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Healthcare practice owners often focus on growing revenue, adding locations, hiring staff, and serving patients—but many completely overlook one of the biggest expenses they’ll ever face: taxes.
The truth is that most tax-saving opportunities don’t happen when you file your tax return. They happen months or even years beforehand through proactive planning.
In this episode of the Financial Beast Podcast, Eric Miller breaks down the most common reasons healthcare practice owners overpay in taxes and shares practical strategies that may help reduce tax liability over time.
You’ll learn:
- Why many practice owners pay more than necessary in taxes
- Retirement plan strategies that create tax advantages
- Cash balance plans and when they make sense
- HSA opportunities most owners overlook
- Business entity structure considerations
- Cost segregation and real estate tax strategies
- Roth conversion opportunities
- Tax-loss harvesting strategies
- Family employment opportunities
- Planning ahead for the eventual sale of your practice
If you’re a veterinarian, dentist, physician, optometrist, chiropractor, or physical therapist, this episode can help you start asking better questions and keeping more of what you earn.
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CHAPTERS
00:00 Why Practice Owners Pay Too Much in Taxes
01:19 Why Tax Planning Matters
03:20 The Biggest Tax Planning Mistakes
05:02 Tax Reduction Strategies Overview
09:20 Maxing Out Retirement Plans
11:08 Cash Balance Plans Explained
12:37 Using an HSA Strategically
13:35 Business Structure and Tax Efficiency
14:39 Bonus Depreciation Opportunities
15:52 Cost Segregation Strategies
18:06 Roth Conversion Opportunities
18:50 Tax-Loss Harvesting Explained
22:27 Charitable Giving Strategies
24:04 Planning for a Future Practice Sale
25:46 Building a Better Tax Team
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