Is That Deductible? Balancing Business, Family, and Reflection

Greetings, fellow entrepreneurs and enthusiasts of all things deductible! This week has been a whirlwind of activity, blending the demands of business with the joys of family and a touch of personal reflection. As I sit down to recount the events of the past few days, I can't help but marvel at the eclectic mix of tasks and experiences that have filled my schedule. So, let's dive into the intricacies of my week and explore just what is deductible in the grand tapestry of life.

South Haven

Maintaining the Dream in South Haven: Kicking off the week, I found myself knee-deep in maintenance work at my short-term rental property in South Haven. Ensuring that every nook and cranny of the property is up to standard is not only a labor of love but also a savvy move to maximize deductions come tax time. From the simplicity of changing HVAC filters to the complexity of overseeing contractor work—it all takes time and presence. If you are looking for great get away space at the beach on Lake Michigan for 12 plus people this year, check out Simpli SoHa here.

SimpliMD Course Recordings by the Lake: But it wasn’t all work and no play in South Haven. Amidst the picturesque backdrop of the lake, I seized the opportunity to record snippets of my SimpliMD course. There's something about the tranquil surroundings that ignites my creativity and allows me to deliver content that truly resonates with our community.

Securing Assets with Other Rentals: On the practical front, I tackled the task of changing door locks on some of my residential rental properties closer to home. Ensuring the safety and security of our assets is paramount, while also laying the groundwork for potential deductions down the line.

E-Visit Start Up

Revolutionizing Telemedicine Through Innovation: Back in the entrepreneurial trenches, I dedicated time to profiling and choosing the perfect API for my upcoming innovative e-visit product that will launch in a few months. In a world driven by technology and innovation, every decision carries the potential to shape the the future of telemedicine.—and, of course, to yield deductible dividends. Stay tuned to learn more about this market disruptor that I am excited to launch.

The highlight of the week was undoubtedly the interview process for a new Chief Operating Officer (COO) for my e-visit start up. Finding the right individual to join this startup family is not just about filling a role—it's about finding a like-minded visionary who shares my passion for growth and success, while also getting a practical medical product to the average consumer. It was a great interview and we are moving forward together.

Helping regular people with my medical knowledge and skill is still a fundamental part of my meaning and purpose. As I retire from my rural community clinic at the end of June, this e-visit platform will allow me to spread my wings and take care of people all over the country.

With the COO onboarding process well underway, we agreed to focus on constructing the Employee Stock Ownership (ESO) program for our executives and employees, while also building out our product launch plan. Empowering my team with a stake in the company not only fosters loyalty and commitment but also lays the groundwork for shared prosperity—a truly wise investment in our collective future.

SimpliMD

Connecting with Clients: Amidst the hustle and bustle, I made time to connect with my valued SimpliMD clients through Zoom calls. These interactions not only provide invaluable feedback and insights but also serve as a reminder of the impact I am making in the lives of physicians across the country.

Forging Partnerships: Expanding the SimpliMD community remains a top priority, and this week saw me deep in negotiations, developing affiliate partnerships that will further amplify our reach and impact within the healthcare industry. Every partnership forged is not just a collaboration—it's an opportunity for mutual growth and success.

Expanding the SimpliMD Universe: Crafting New Blog Entries: Amidst a bustling week, I found joy in creating fresh blog content for SimpliMD. Each entry is a beacon of guidance and inspiration for our physician community on their micro-business journey. One recent submission, "The Herd is Wrong," challenges conventional wisdom in a thought-provoking piece for KevinMD. With conviction, I aim to spark change and empower fellow physicians. With every blog post, my goal is clear: to inform, inspire, and support physicians as they thrive in their micro-business ventures. Here's to more impactful entries and the conversations they spark.

Business Coaching: I met my business coach in my home and we delved into key strategies to optimize SimpliMD's growth. His insightful advice and actionable steps provided clarity amidst the whirlwind of entrepreneurial endeavors that I am involved in. From refining my marketing approach to streamlining operational processes, each suggestion was a nugget of wisdom tailored to my unique needs. His expertise serves as a guiding light, propelling me towards my goal of empowering 10,000 physicians in our SimpliMD micro-business community.

Personal & Professional

Order Amidst Chaos: And amidst the chaos of entrepreneurial pursuits, finding moments of tranquility and order is essential. Finally getting my new garage cabinets organized after the contractor completed the interior remodel after our house fire last November was not just a practical endeavor—it was an investment in peace of mind—as I could now easily access and locate all my tools again! I don’t know about you, but it feels good to get things put away and organized.

Nourishing Connections: In a heartwarming turn of events, my wife and I had the pleasure of reconnecting over dinner with a former pastor and his wife, who had recently moved away. The bonds of friendship and shared experiences are invaluable, serving as a reminder of the intangible riches that enrich our lives beyond measure. They are such a dear couple who have invested in our lives and our children’s lives over the years! We were happy to hear how God was helping them find connections in their new community.

Professional Milestones: Amidst all the excitement, I also managed to complete all documentation and credentialing for my first locum tenens assignment in Southern Indiana. It's a professional milestone that I'm both nervous and excited to embark upon—an opportunity for growth, learning, and of course, deductible deductions. I was reminded of how time consuming the process can be—thankfully I am a very organized person—and had most of the documents ready. The most challenging piece? Finding my old immunization records for vaccine documentation—but thankfully I had copied my vaccine records from starting medical school, and employee health still had my records from my onboarding 25 years ago. These are the kinds of things you never think you’ll need again—but it makes sense why they are needed as I become more mobile in my professional work.

Celebrating Achievements: Last but certainly not least, I had the joy of welcoming my youngest daughter home from her third year of nursing school. Her outstanding academic achievements—marked by all A's this past semester—are a testament to her dedication and perseverance. As a proud parent and mentor, witnessing her success fills me with immense pride and gratitude.

Is That Deductible?

Now is when we sort through things and look for the business purpose associated and determine if the associated expense was associated with pre-tax or post-tax dollars.

South Haven: All are deductible expenses that range from purchasing products, managing the property, and doing the work myself. From mileage to staying in the STR overnight, all covered by the business. One key element is that REPS is associated with this real estate asset, so documenting and recording my hours is important for reaching proof of my 100 hours. I currently stand at 58 hours for the year on my tracker app. The bonus was shooting some of my SimpliMD course snippets in a beautiful setting.

E-Visit Start-Up: All expenses are deductible in this venture, but frankly at this point most of it is sweat equity and intellectual work with patent and product development being outsourced. Same goes for the expenses associated with hiring and onboarding the COO— who time and energy will earn ESO rather than hard cold cash out of my pocket.

SimpliMD: This labor of love is all deductible in terms of associated expenses for the work. However, a significant portion of it involves time-consuming sweat equity as I create content and products that support our SimpliMD community. Some of that can be monetized over time, but my focus remains on providing quality micro-business education products for our community members.

First Locums Assignment: The locums agency/hospital is covering my mileage, lodging, credentialing, malpractice and compensation. I will take a deductible per diem from my PC for the meals.

Garage, Friends, Daughter-The garage products, meal expense, and time associated with these events were not deductible as they were personal and not business related.

In conclusion, this week has been a whirlwind of activity, blending the demands of entrepreneurship, family, and personal growth into a seamless tapestry of productivity and joy. Each task, whether big or small, carries with it the potential for deduction. As I look ahead to the adventures that await, I am reminded that in the grand scheme of things, every moment is an opportunity to invest in a brighter future.

Until next time, may your deductions be plentiful and your adventures abundant.

If you have not signed up to become a SimpliMD member yet, I invite you to go deeper in our micro-business community today to unlock $2500 in products ,and today only I’ll even offer it to you at half price here.