Prudent Accountants Content

Running a chiropractic practice demands your full attention — from delivering excellent patient care to managing your team and staying compliant with regulations. But there’s one area that quietly impacts your profitability more than most realize: Overpaying in taxes — not because you’re doing anything wrong, but because no one has shown you the strategies designed for practice owners like you. If you’re a chiropractor running your own business, there are tax moves available to you that can significantly reduce your burden, support long-term growth, and increase what you actually keep. Here are four proven tax strategies tailored to chiropractic and health practice owners — each one simple to understand, powerful in effect, and often underutilized. 1. Leverage a SEP IRA to Reduce Taxable Income and Build Retirement Savings A Simplified Employee Pension (SEP) IRA is one of the most tax-efficient retirement tools available to sole proprietors and small practice owners. Here’s how it work...

Prudent Accountants provides advanced Tax Planning Strategies in Minneapolis to help individuals and small businesses reduce tax burdens and achieve long-term financial goals. Our expert team designs customized tax plans that align with your income, investments, and business operations, ensuring you take advantage of every available deduction, credit, and timing strategy. From income deferral and expense acceleration to retirement contributions and entity structuring, we help you make informed decisions that minimize taxes and optimize your financial position. Don’t wait for tax season—plan ahead with strategies that work year-round. Partner with Prudent Accountants for smart, forward-thinking tax planning strategies in Minneapolis. For more information, call (612) 605–3178.

What if a single tax strategy could legally sidestep self-employment tax, protect your assets, and reduce your audit risk — all without changing how much money your business earns? This is exactly what the self-rental strategy can do for business owners who also own their business property. Though rarely discussed outside advanced tax planning circles, this method — when implemented correctly — can provide significant tax advantages while also strengthening liability protection. Here’s how it works, why it’s legitimate, and how to take advantage of it using a real-world example (with altered names and figures for illustration). The Scenario: Meet Alex and Priya Alex and Priya run a digital marketing firm structured as an S corporation. They have three full-time employees and operate out of a 3,500-square-foot office building that they personally own. Right now, all the expenses related to the building are paid directly by the operating business. Building-Related Costs: Depreciation: $2...

If you run a home health agency, daycare, or assisted living business, you know your biggest challenge isn’t clients — it’s keeping good staff. And you’re not alone. For many providers operating under DHS licenses, workforce costs are skyrocketing. You’re expected to offer competitive wages and benefits just to attract and retain employees, especially in hard-hit employment zones — yet reimbursements from Medicaid or state programs aren’t catching up fast enough. The result? You’re doing everything right — hiring from the community, investing in your team — but still feeling like you’re falling behind financially. The Hidden Opportunity: WOTC The Work Opportunity Tax Credit (WOTC) is a federal tax incentive designed to encourage businesses to hire individuals from certain target groups who consistently face barriers to employment. If you’re a DHS provider, you likely qualify without even realizing it. WOTC can offer up to $2,400 to $9,600 in tax credits per eligible employee, depending...

Prudent Accountants is a trusted CPA in Minneapolis , offering expert accounting and tax services tailored to individuals, families, and small businesses. Whether you need help with tax preparation, financial planning, bookkeeping, or business consulting, our certified public accountants are here to support your financial goals with accuracy and professionalism. We combine deep industry knowledge with personalized service to deliver reliable solutions year-round, not just during tax season. With a focus on transparency, compliance, and long-term value, Prudent Accountants is the CPA partner Minneapolis clients count on. Choose Prudent Accountants—your dedicated CPA firm for smart, stress-free financial management in Minneapolis. For more information, call (612) 605–3178.