Carole C. Foos, C.P.A.

We sit down with the experts to determine what legal and tax factors come into play when deciding on the best corporate structure for a dermatology practice.

O’Dell is the managing partner with OJM Group in Cincinnati, Ohio, a financial consultant, and the author of more than a dozen books on wealth management for doctors. Foos is a partner and lead tax consultant with OJM Group in Cincinnati, Ohio.

Are you the owner of a medical practice taxed as a flow-through entity, such as an S corporation? Most physicians are. We would estimate that 70 percent of medical practices operate as S corporations. As such, you may be paid both as an employee of the practice, receiving a W-2, and as an owner of the practice, through a K-1 distribution.

All signs lead to future tax increases. We have historic deficit levels, an aggressive legislative agenda and a president whose campaign promises included raising taxes on households with annual incomes above $250,000.

The current financial crisis has left many Americans with less wealth than they had just a year ago. Home and stock market investments are likely worth a lot less ? and it may be years until the values of these assets return to previous levels. Investment advisers Carole C. Foos, C.P.A., and David B. Mandell, J.D., M.B.A., offer a strategy with two simple steps to help you start now to make up for your losses.