Professional service firms encompass a range of industries including attorneys, engineers, architects, accountants, financial advisors, and medical professionals. What they have in common is specialized training and specific license requirements to provide services. Another thing they have in common is that they are typically subject to the highest levels of tax.
Not only are they normally in the highest tax brackets due to profitability, but they are also subject to self-employment taxes on their income and are limited from using certain tax deductions such as the Qualified Business Income Deduction.
Proactive tax planning is imperative for professional practice firms. Bucknam & Conley CPAs will look at your whole tax picture, taking into consideration all business income, personal income, spouse’s income, and deductions and use this to provide advanced tax reduction strategies.
You can rely on us to help build value in your practice, monitor cash flow, fund retirement, and assist with the sale of your practice.