Managing High Income Part 2: Determining Reasonable Compensation as a Doctor

Today Erin and Bob continue their conversation about managing high income and common mistakes made when you make that leap. For business owners we view the IRS differently than the norm. The IRS is our business partner and wants to see us succeed. When we succeed, we make more money and hire more people which means they get more tax revenue! The IRS uses vague terms on purpose.
What is reasonable compensation and how is it determined? Does your CPA have a method to determine that number?
You hired your CPA for a reason… To prepare and file your taxes. Unfairly, we expect our CPA to perform a lot of tasks that we aren’t hiring them to do. At Terra Firma we fill that gap of “my cpa handles that” when in reality they don’t and it’s not their job to.
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