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Is That Deductible? The SoMeDocs Conference, Tax Planning, & Block Party

Jun 03, 2024

This past weekend was a whirlwind of inspiration and connection at the SoMeDocs Private Practice 101 Virtual Conference #somedocspp2024. I had the distinct pleasure of presenting my lecture, "Why Build a Practice Without Walls," to a zoom audience of nearly 300 enthusiastic and forward-thinking physicians. The energy in the air was palpable, a testament to the collective excitement about the future of self-employed doctors who are interested in the various forms of private practice—rather than traditional employment.

A Weekend of Enlightenment

From the moment I arrived, it was clear that this conference was something special. Each speaker brought a wealth of knowledge and a passion for innovation that was truly infectious. Whether it was discussions on leveraging social media for patient engagement or the latest advancements in overcoming the mindset obstacles of self-employment, every session was a treasure trove of insights.

During my lecture, I explored the concept of a "practice without walls," emphasizing how virtual micro-corporations can liberate physicians from the constraints of traditional clinic settings. We delved into the benefits of professional micro-corporations and the various job structures that you can use your micro-corporation within—in the end a virtual micro-corporation providers you with greater professional flexibility and autonomy.

The feedback was incredibly positive, and I found myself deeply moved by the eagerness of my colleagues to embrace these new models of care. It was a reminder of why I started SimpliMD—to inspire and support physicians in transforming their professional lives as self-employed doctors.

Unlocking the Conference: A Valuable Opportunity

For those who couldn’t attend, I have great news. You can still experience the full depth of the conference by downloading the sessions for $249 here, available for the next six months. This is an invaluable opportunity to learn from some of the best minds in our field and apply their insights to the various forms of self-employment and private practice.

A Strategic Tax Planning Session

Parallel to the conference, my wife and I had a crucial tax planning meeting with our business coach, lawyer, and CPA. This session was pivotal as I transition from my full-time role in a rural primary care practice to a part-time locum tenens position. Our objective was to reorganize our financial strategies around my 10 businesses to accommodate this significant shift. This is my last month of service to my little rural community—it has been a pleasure to serve them for over 25 years, but the time has come to turn the page—and I am quite excited about the future!

Our professional team mapped out a comprehensive plan for the businesses and cash flow effect on our household. Professionally this included nailing down my upcoming two-week on, two-week off locums stints in family medicine-obstetrics in rural Oregon. This new schedule will allow me to maintain a balance between clinical work and growing SimpliMD. It's a thrilling step forward, blending my passion for medicine with my entrepreneurial drive.

Exciting New Ventures and Webinars

Our strategic planning didn’t stop there. I have worked with our SimpliMD partners and have lined up several evening webinars for our community, starting with CME Away on July 25th and followed by a session with wealth management company, Earned, on August 29th. These webinars will provide valuable information and cover essential topics that are important to micro-business owners.

In addition, I am developing a mini-course on "Building a Practice Without Walls." based on my weekend presentation. This course will equip you with the tools and knowledge to implement this innovative model in your own professional life. I’m incredibly excited about the potential impact of this course and can’t wait to share it with our community after it is produced!

New Business Entities: Expanding Horizons

Our tax planning meeting also led to the creation of a new business entity for my wife’s venture, "Scrapping in My Sleep." This creative enterprise promises to add a new dimension to our entrepreneurial pursuits. This scrapbooking based business will allow me to do cameo appearances as her “scrappy-do” assistant in her demonstration videos. That will be a blast!

On my end, I’m launching an e-visit startup company that is designed to disrupt the telemedicine space, and enhance patient centered care delivery. This new venture aligns perfectly with the principles of a practice without walls, furthering our mission at SimpliMD.

Reflecting on this weekend, I’m filled with gratitude and excitement for the future. The SoMeDocs Private Practice 101 Virtual Conference reaffirmed the importance of innovation and adaptability in healthcare. I encourage all my readers to take advantage of the opportunity to access the conference content and stay informed about the latest trends and strategies.

Join us in our upcoming webinars, and let's continue this journey together towards creating thriving, modern medical practices. Thank you for being part of the SimpliMD community, and here’s to a future of empowered, entrepreneurial physicians.

Neighborhood Block Party

Somehow at the end of the week, we hosted a block party at our guest house for our neighborhood. It was a heartfelt effort to connect and share some love with the wonderful people living around us. The event was a resounding success, with many neighbors coming together to enjoy good food as I ran the grill and they pitched in side dishes. There were lively conversations, and a sense of community that felt truly special. It was heartwarming to see everyone mingling, laughing, and forming new bonds. The atmosphere was vibrant and welcoming, reminding us of the importance of nurturing relationships and building a supportive, close-knit neighborhood.

Is That Deductible?

Now for the fun part of determining if any of the dollars spent during my week met the threshold for business expenses and thus would be considered pre-tax expenses.

  • SoMeDocs Private Practice 101: The digital expenses like my computer, internet, home office, Zoom, Canva, etc..were all covered as business expenses. The time and energy to create the content and then attend the conference had no expenses associated other than lost family time (which is expensive!)

  • Tax Planning: My business pays for these professionals to give me their time and expertise associated with their recommendations. Then there is the expense of implementing their recommendations for each business, or any associated legal work. These are all business expeneses

  • Starting New Businesses: The expense of starting my wife’s business “Scrapping In My Sleep” and my new e-visit start up will be covered within our business development enterprise structure.

  • Locums Work: The administrative costs, applications, and Oregon licensing costs are all being covered by the locums agency. I had some minor expenses like a background check fingerprinting in a nearby city, but most all the costs were covered by the locum agency.

  • Neighborhood Block Party: This low cost event is sponsored by our business development company as way of giving back to the community.

  • Nice Dinner: Although I didn't mention it, my wife and I had a great dinner date at a regional restaurant that was not a business expense, but was not out of our household pocket. That is because we used a gift card some friends had given us for letting them stay at our guest home for a few weeks.

I’m always amazed at all that transpires in a week around here, and you only see the tip of the iceberg!

Hope you have a great week!

If you want to chat about how you can maximize your pre-tax dollars in your micro-business reach out to me and let’s a do a business consultation, I would love to help you!