Carole C. Foos, C.P.A.

Explore effective tax and asset protection strategies for dermatologists, including retirement plans and life insurance options for wealth management.

Key estate planning changes in 2025: potential tax law shifts, federal exemption sunset, retirement account rules, state death taxes, and cryptocurrency issues.

Key 2025 tax law changes for dermatologists include expiring TCJA provisions, potential rate adjustments, and new deduction policies under Trump.

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.