Overall, most emergency physicians will see their tax bill decrease in 2018, but as with any change to the tax code, some people will benefit more than others. As you learn more about the tax code, you will be able to make changes in your financial life that will allow you to minimize your tax burden going forward.
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2 Responses to “What Emergency Physicians Need to Know About the Tax Cuts and Jobs Act of 2017”
February 25, 2018
Charles AkinThank you. I suppose the 1120S and K1 will not be affected, and the changes will be seen on the 1040 where we enter the K1 or “pass-through” income.
February 26, 2018
RockyDr Dahle,
My research on this topic has led me to the opposite conclusion than what is stated above, at least for those filing as single. It seems many ER docs will actually see higher taxes in 2018.
Overall, comparing the 2017 and 2018 tax brackets side by side the only losers are those making between $200-400K, specifically for those filing as single. It seems those in the approximately $200-400K AGI bracket previously enjoyed a 33% maximum tax rate, but now bump up to 35% for all dollars earned over $200K. And this is interesting in that most physicians fall into this particular income range.
Is my interpretation correct? What am I missing?
Here is an article from Business Insider that has the 2017 and 2018 brackets side by side:
http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-2017-12