S1E9 How Doctors Pay Less in Taxes (Legally): LLC, PLLC, PC, S-Corp, C-Corp- What Every Physician Should Know with Carly Carlson, CPA and Riyad Fares, MD

Most doctors are overpaying in taxes—not because they earn too much, but because no one ever taught us how the business side of medicine works. LLC. PLLC. PC. S-Corp. C-Corp. These aren't just letters. They can mean tens of thousands of dollars per year—legally—depending on how you practice. 🎙️ New episode: How Doctors Pay Less in Taxes (Legally): LLC, PLLC, PC, S-Corp, C-Corp—What Every Physician Should Know Whether you're: • Employed W-2 • Moonlighting • Starting a side hustle • Building a concierge, DPC, or telehealth practice • Or just tired of feeling financially clueless This episode is for you. 👉 Listen now. Your future self will thank you. Summary In this episode of 'The New Healthcare,' host Adama Diarra and feature Dr Riyad Fares, MD.  In this episode we interview Carly Carlson, a CPA and co-host of the podcast 'Retirement Redefined.' Carly shares her extensive experience in public accounting, particularly in advising medical and dental practices on tax strategies and entity structures. The conversation delves into the complexities of choosing the right business entity, such as LLCs, PCs, and S-Corps, and how these choices impact liability protection and tax obligations. Carly emphasizes the importance of planning for future growth and the potential pitfalls of selecting an entity based solely on current circumstances. Throughout our discussion, Carly provides Dr Diarra and Dr Fares valuable insights into tax-saving strategies for healthcare professionals, including the benefits of S-Corps in minimizing self-employment taxes. She also highlights common misconceptions about tax deductions, explaining that not all write-offs result in dollar-for-dollar savings. The episode concludes with practical advice for physicians considering private practice, stressing the need for collaboration between accountants, attorneys, and financial advisors to ensure a well-rounded approach to business management and tax planning.     Chapters 00:00 Introduction to Carly Carlson 01:27 Understanding Business Entities: LLCs, PCs, and S-Corps 09:41 Tax Strategies for Healthcare Professionals 26:54 Practical Advice for Starting a Practice 47:13 Common Tax Misconceptions and Deductions