Side Income and Business Structures
In this section, Peter explores how physicians can optimize taxes by structuring side income streams wisely. Whether it’s consulting, expert witness work, or telemedicine, these opportunities can be more than just extra cash—they can open the door to significant tax deductions. By forming an LLC or S-Corp, doctors can treat themselves as business owners and access a broader set of tax-saving tools.
These structures allow for deductions on common business expenses such as home office costs, professional development, and travel. Over time, these small deductions can add up and significantly lower one’s overall tax liability. Peter urges listeners to work with a tax professional to ensure these setups are done correctly and legally.
He puts it plainly: “You might be able to save on some self-employment taxes. You can deduct some standard business expenses like travel, home office, continuing education… All these little things do add up.”
His message is that these opportunities are available to many, but few take full advantage.
