Is That Deductible? Celebrating Family, Bonds, and Micro-Corporations

SimpliMD Meetings

This week has been filled with client coaching and consultation meetings throughout the week, and business development meetings I hope will bring additional professional resources to our SimpliMD community.

One of my favorite meetings of the week was a drink with my former clinic partner, Anthony, who took a new job at a nearby hospital after our hospital closed its OB unit. He enjoys maternity care, so it only made sense for him to make this change. The silver lining of losing a friend and colleague is that during the move, he became a SimpliMD client as I helped him set up an employment lite contract with his new employer. It’s been enjoyable to watch his business mindset slowly kick in as he now plans to combine it with his passion for aviation medicine. During our meeting, he shared pictures of his new plane, treating it like his brand new child!

A Home Visit From The Doctor

As the sun casts its warm glow over our home, there's been a buzz of excitement in the air that has been building for weeks. This weekend is special—it's a rare occasion when our oldest son, John, graces us with his presence. John, a dedicated family physician in training in Fort Worth, Texas, and his lovely wife Cheyenne are coming to visit. And with them, they bring an aura of joy, love, and celebration.

In our household, John is more than just a son—he's a beacon of family pride for all of his siblings. His infrequent visits make them all the more precious, like rare gems sprinkled across the calendar. Whenever he steps through our door, it's as if a hero or celebrity has entered, drawing everyone's attention with his magnetic presence.

John's journey to becoming a family physician mirrors my own path, and I couldn't be prouder of his decision to follow in my footsteps. Like a torchbearer passing on the flame, he carries forward the legacy of healing and compassion. But what sets John apart is not just his profession, but his entrepreneurial spirit.

Through SimpliMD, our online platform dedicated to empowering physicians through micro-corporations, John has taken control of his destiny. He's not just a healer; he's also an astute businessman, leveraging the tools and resources available to him to carve out his own path in the medical landscape. His decision to form a micro-corporation for his moonlighting work is a testament to his foresight and determination to thrive in an ever-evolving healthcare system.

As our family gathers this weekend, the bonds of love and kinship are palpable. It's a time to rejoice in each other's company, to share stories, laughter, and cherished memories. With John at the center stage, the energy is electric, his presence infusing the room with warmth and vitality.

But it's not just John and Cheyenne who make this weekend special. Our home will be filled with the laughter of our children and the wisdom of grandmothers, a beautiful tapestry of generations coming together in harmony. It's a reminder of the enduring strength of family bonds, the ties that bind us together through thick and thin.

And as if by fate, we discover a delightful coincidence—all members of our family now have jobs that require wearing scrubs. It's a symbol of our shared dedication to the noble profession of healthcare, each of us playing our part in caring for others. Inspired by this serendipity, we decide to capture the moment with a family scrub picture—a snapshot of unity, purpose, and pride.

In the midst of our busy lives, it's moments like these that remind us of what truly matters. Family, love, and the unwavering support of those closest to us are the foundations upon which we build our lives. And as we celebrate this weekend together, we also celebrate the spirit of entrepreneurship and empowerment that courses through our veins.

SimpliMD isn't just a platform—it's a movement, a catalyst for change in an industry ripe for innovation. Through our shared experiences and collective wisdom, we empower physicians like John to take charge of their destinies, to thrive as healers and entrepreneurs in equal measure.

As the weekend unfolded, filled with laughter, love, and the joy of shared moments, I can't help but feel a sense of gratitude. Gratitude for my family, for their unwavering support and unconditional love. And gratitude for SimpliMD, for providing a platform through which we can all flourish, both personally and professionally.

In the end, it's not just about the individual achievements or accolades—it's about the bonds we share, the connections that sustain us through life's ups and downs. And as we raise a toast to family, to love, and to the journey ahead, I am filled with hope and excitement for what the future holds—for John, for our family, and for the countless physicians whose lives we touch through SimpliMD.

Is That Deductible?

Now it’s time to discuss whether any of these activities qualified for pre-tax business deductions. There is always lots to consider.

Client Consultations & Coaching: Yes this was deductible business expense as SimpliMD pays for Zoom, Calendly, Kajabi, and other productivity software.

Beverage with Anthony: Yes this a deductible client meeting for SimpliMD

John’s Home Visit: Technically, John is both a SimpliMD client and agent, but most of our activities were family-oriented. Throughout his time here, we engaged in various entrepreneur and micro-business conversations relevant to his professional corporation's business activities. I didn't incur many expenses, but John and his wife may have some deductible business expense opportunities through his micro-corporation.

If you are early in training as a resident and wonder if starting a micro-corporation while you are in residency, I can tell you the answer is “yes”. John has found this to be great for his moonlighting income, but more importantly it has created a business mind-set in him that will help flourish as he finishes training and merges into the marketplace. I encourage every physician in training to start their micro-corporation as the capstone to their training process. In fact I believe there are 20 reasons to consider starting a micro-corp during residency and you check out my free e-book about this here.

Another great step would be to become a member of our SimpliMD community, which is only $10 for residents and fellows!

If you are unsure how a micro-corporation might help you, reach out to me for a consultation today!