Understanding your obligations surrounding employee taxes is crucial for operating a successful business, whether you're an employer or an aspiring entrepreneur.

In this episode, we explore the four primary types of employee taxes:
• Federal and State income tax

• Withheld by employer
• Employer responsible for submitting

• FICA

• Funds Social Security and Medicare
• Employer responsibility is 7.65%

• FUTA

• Federal unemployment tax
• Paid by employer to fund state unemployment programs

• State Unemployment tax

• Based on employer payroll
• And number of unemployment claims

As an employer, you're no stranger to the deductions made from your employees' paychecks. Being on the opposite side of the table, though, offers a whole different viewpoint on employee taxes.

Given the difficulty and significance of correctly filing employee taxes, it is understandable that doing so might take a lot of time and effort. There are several choices that can help make life easier and guarantee compliance. The process can be streamlined by using payroll software, outsourcing human resources and payroll to HR companies or CPAs, or hiring a qualified practice manager. Always remember that it is strongly advised to visit a tax specialist or have someone educated about tax issues.

Remember, mastering employee taxes is a crucial aspect of running a successful business, ensuring compliance, and fostering a healthy employer-employee relationship. Join us on this insightful episode as we equip you with the knowledge and understanding necessary to navigate the intricate realm of employee taxes.

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Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com

Join my FB group, The Private Medical Practice Academy.

Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.

Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.

Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!

The Stark Law prohibits physicians from referring patients to entities in which they have a financial interest to prevent financial incentives from driving medical decision-making. The Anti-Kickback Statute prohibits the exchange of anything of value in exchange for referrals for services.

Examples of Stark Law violations:

• A cardiologist refers patients to a diagnostic testing facility in which he has a financial interest.
• A physician is found to be billing Medicare for services provided by an unlicensed midlevel.

Other Exceptions to the Stark Law

• "In-office ancillary services" allows physicians to refer patients for certain designated health services provided in the same building where the physician's medical practice is located if the service is furnished under the direct supervision of the referring physician or another provider in the same group practice and that the arrangement complies with fair market value (FMV).
• Healthcare providers to give non-monetary compensation to physicians and their families up to the annual limit.
• FMV compensation allows providers to enter into financial relationships with other providers if does not take into account the volume or value of referrals.
• Academic medical centers that meet certain criteria may provide compensation to physicians who are engaged in teaching or research activities.
• Rural providers may be able to enter into certain financial relationships that would otherwise be prohibited under the Stark Law provided certain criteria are met.

Safe harbor provisions that provide exceptions to the Anti-Kickback Statute :

• Investments in entities that provide healthcare services if held for one year, and is not be tied to the volume or value of referrals.
• Office space or equipment rented between providers if the rental amount is consistent with FMV and is for a period of at least one year.
• Personal services and management contracts between healthcare providers if the compensation paid is at FMV and not be tied to the volume or value of referrals.

The key takeaways—you can’t do things that are tied to volume or referrals and any financial arrangement has to be at FMV.

I strongly urge you to discuss Stark and AntiKickback with your healthcare attorney so that you know

Support the show

Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com

Join my FB group, The Private Medical Practice Academy.

Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.

Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.

Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!

Insurance is one of those things you never want to need or use. But, unfortunately, when life happens having insurance can save you. Some types are pretty obvious but there are some you probably haven’t thought yet. That doesn’t mean you don’t need them. In this episode, I'll tell you the types of insurance your practice needs to mitigate its risks.

• Medical malpractice insurance protects healthcare providers from claims of negligence and medical errors. You want to have a separate policy protecting your practice--not just the individual provider.

• General liability insurance covers your business from claims of property damage or bodily injury that may arise from accidents on your premises.

• Cyber liability insurance provides coverage for data breaches and other cyber threats that could compromise your patients' confidential information.

• Workers' compensation insurance is required by law in most states and provides coverage for your employees in case they are injured on the job.

• Business interruption insurance can provide financial protection if your business is forced to temporarily close due to an unexpected event such as a natural disaster or a pandemic.

• Employment practices liability insurance can protect your business from claims of discrimination, harassment, and wrongful termination brought by employees.

• Business overhead expense disability insurance can cover operating expenses such as rent, utilities, and employee salaries, even if the owner or key employee becomes disabled and unable to work.

Find an insurance professional who can bundle all of the business-related insurances. They can help you assess your needs (the amount of coverage, deductible, etc.) and bundling will give you the lowest cost.

While hopefully you will never need to make a claim against any of your insurance policies, the cost of having the insurance is trivial compared to what it will cost to deal with any of these events without insurance.

Support the show

Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com

Join my FB group, The Private Medical Practice Academy.

Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.

Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.

Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!