We offer a range of tax services, including individual tax preparation, business tax preparation and state tax compliance.
We can’t neglect the fact that, just like any other profession, operating a chiropractic practice also presents several financial challenges, such as managing day-to-day expenses and staying compliant with state and federal tax obligations. Furthermore, with Bethesda and Rockville being the center of growth in Maryland, the demand for chiropractors is increasing, which brings new responsibilities in terms of accounting and tax compliance, therefore, chiropractors, like many other healthcare professionals, must ensure that their financial health is in good condition in order for them to focus on delivering the best care to their patients.
In addition, as a chiropractor in Bethesda, you may have diverse income streams, including patient consultations, rehabilitation services, and wellness programs, but we know that managing these while adhering to Maryland’s tax regulations can be complex. Luckily, Watter CPA is here to assist chiropractors like you, ensuring your practice’s financial operations run smoothly.
Chiropractors in Bethesda, Rockville, and throughout MD, just like any other profession, must comply with several tax obligations. And, failing to manage these obligations can result in costly penalties or even audits. That is why it is important that as chiropractors you can identify some of your main tax obligations.
Below are some of the main tax obligations you should be aware of as a chiropractor:
Whether you operate as a sole proprietor or as part of a partnership, chiropractors have multiple streams of income, from office visits to additional health services like massage therapy or physical rehabilitation, that is why you are required to accurately report all sources of income from your chiropractic practice to ensure tax compliance and avoid penalties.
Most chiropractors in Bethesda operate independently, which subjects them to self-employment taxes, and to reduce the impact of these on your overall financial situation you need to have a strategic tax planning.
If your chiropractic practice employs office staff, assistants, or additional chiropractors, you must manage payroll taxes, and also you need to ensure timely and accurate payroll tax payments to avoid penalties from both the IRS and the Maryland Comptroller.
Just like any other profession, chiropractors practicing in Maryland, including Bethesda and Rockville, must also adhere to state-specific tax regulations, including state income taxes and, in some cases, sales taxes on specific products or services. Aside from that, it is also important to stay on top of these requirements to maintain compliance with state laws.
Chiropractors can also benefit from a variety of deductions to reduce their taxable income, however, in order to be qualified for this deduction you need to have an accurate bookkeeping and categorization of these expenses, these expenses may include office rent, medical equipment, office supplies, and continuing education costs.
Aside from key tax obligations, running a chiropractic practice involves more than just patient care, it also includes managing the financial and operational side of your business. Here are some common financial challenges chiropractors in Bethesda and Rockville may encounter:
At Watter CPA, we understand the specific accounting needs of chiropractors in Bethesda and Rockville, hence, our range of accounting services is tailored to ensure your chiropractic practice remains financially healthy and compliant with all tax laws. Here’s how we can support your business:
We are aware that managing the financial side of a chiropractic practice can be overwhelming, but with Watter CPA’s expert accounting services, we make sure that chiropractors in Bethesda and Rockville can focus on what matters most: their patients. Therefore, to thrive in Maryland as a chiropractor our experienced CPA’s can provide support and handle your individual tax preparation to comprehensive financial reporting. Thus, by partnering with Watter CPA, chiropractors can ensure their practice remains compliant with tax regulations, maximizes deductions, and maintains financial health all year-round.
Trust Watter CPA to handle your accounting needs, allowing you to focus on growing your practice and serving your patients in Bethesda, Rockville, and across Maryland.
Our dedicated team is ready to assist you on your path to financial success.
5 N Adams St,
Rockville, MD 20850, United States
At Watter CPA, we believe that understanding your needs is the first step toward providing exceptional service. Determining the specific service required involves a thorough review of your financial situation, which is only possible with proper documentation and accurate data. This approach helps us deliver tailored solutions that best meet your needs and compliance requirements.
Below, you will find answers to some of the most frequently asked general questions. If you have more specific inquiries or require additional information, please feel free to Contact Us.
We offer a wide range of tax planning services, including individual and business tax planning, estate and trust planning and retirement planning. Our goal is to help you minimize your tax liability and ensure compliance with all relevant tax laws.
The frequency of meetings with your CPA depends on your specific needs and circumstances. For some clients, quarterly or annual meetings may be sufficient, while others may benefit from more frequent consultations, especially during major financial or business changes.
Yes, we provide comprehensive support for resolving IRS issues and tax problems. Our services include audit representation, negotiating payment plans, handling tax liens and levies and assisting with offers in compromise. We aim to help you navigate and resolve your tax issues efficiently.
Starting a new business with our help involves several key steps:
1. Initial consultation to understand your business idea and goals.
2. Assistance with business entity selection (e.g., LLC, corporation).
3. Guidance on registration and compliance with local, state and federal regulations.
4. Setting up accounting systems and procedures.
5. Ongoing support with bookkeeping, tax planning and financial reporting.
Yes, we offer virtual consultations to accommodate clients who prefer remote meetings. This allows us to provide our services regardless of your location, making it convenient and flexible for you to receive the support you need.
We take the confidentiality and security of your financial information very seriously. Our firm employs robust security measures, including secure data storage, encrypted communications and strict access controls. We are committed to maintaining your privacy and protecting your sensitive information.
If you receive a tax notice from the IRS, it is important to contact us immediately. We will review the notice, explain its implications, and help you respond appropriately. Our team will work with you to resolve any issues and ensure compliance with IRS requirements.
Getting started with Watter CPA is easy. Simply contact us to schedule an initial consultation. During this meeting, we will discuss your needs, explain our services and determine how we can best support you. From there, we will develop a customized plan to address your financial and accounting requirements.
Yes, we e-file most tax returns. If a paper filing is required, we prepare it for certified mailing and ensure its delivery to the appropriate taxing authority.
Yes, we routinely prepare tax returns for all U.S. states and territories as well as necessary city or locality returns.
Yes, our tax professionals can evaluate your holdings and determine the most efficient and cost-effective way to report your assets.
Yes, we file extensions for our clients. Note that filing an extension grants additional time for filing the tax return but does not extend the due date for any taxes owed.
Common documents needed include:
- W-2 (wages)
- 1099-NEC (independent contractor income)
- 1099-MISC (rents)
- 1099-INT (interest)
- 1099-R (retirement)
- 1099-SSA (social security)
- 1099-DIV (dividends)
- K-1 (from partnership, S-corp, or trust)
- 1095-A, 1095-B, 1095-C (health insurance)
- Property Taxes
- Closing Disclosure (real estate transactions)
- Income and Expenses records for Schedule C business or Schedule E rental property
- Cryptocurrency transactions
This depends on your personal situation. We calculate the tax outcomes for both options to determine the most advantageous filing status for you.
In certain situations, yes. Contact us so we can learn more about your situation and advise you on the best filing option.
This depends on the type and method by which you received the inheritance. Contact us to learn more about inheritance reporting and filing requirements.
Yes, we can prepare state and federal Power of Attorney forms to access transcripts and determine which returns have been filed.
We can help you remedy the situation to properly claim your child/children on your return when we prepare and file your return.
For more detailed information or specific queries, feel free to Contact Us. Our team is here to provide the clarity and support you need to navigate your financial and tax-related questions effectively.