JDS Financial Management PC | CPA Firm for Physicians

Filing & Compliance

Tax Preparation & Filing

Physician income is rarely simple. We prepare accurate, thorough returns that account for every income source and every deduction available to you.

Physician Individual Tax Returns (Form 1040)

Complete preparation of federal and state returns for attending physicians, residents, and fellows — handling the full complexity of physician income and deductions.

W-2 employment and 1099 independent contractor income
Locum tenens and moonlighting income
Multi-state filings for traveling physicians
Signing bonus and deferred compensation reporting
AMT analysis and prior year amended returns

Medical Practice Tax Returns

Federal and state returns for medical practices and professional entities of all types, prepared to minimize liability and maintain full compliance.

Professional Corporation / PC (Form 1120 or 1120-S)
Medical PLLC and Partnership (Form 1065)
Solo practice Schedule C filers
Group practice and multi-physician entities

Estate & Trust Returns

Fiduciary income tax returns for estates and trusts, including Form 1041 and related state filings. We help executors and trustees navigate their obligations with confidence.

Form 1041 (Fiduciary Income Tax)
Form 706 (Estate Tax Return)
Grantor and non-grantor trusts
Final decedent returns

Payroll Tax & Estimated Payments

Ensure you're meeting all payroll and quarterly estimated tax obligations to avoid penalties and interest.

Quarterly estimated tax calculations
Form 941 / 940 payroll compliance
Year-end W-2 and 1099 preparation
State withholding compliance

Strategy & Planning

Proactive Tax Planning

Physicians are among the highest-taxed professionals in the country. We work year-round to build strategies that reduce your tax burden — before year-end, not after.

Physician Income Tax Planning

High-income physicians face marginal rates exceeding 40% combined federal and state. We build proactive strategies to reduce that burden legally and significantly.

W-2 vs. 1099 income optimization
Backdoor and mega-backdoor Roth strategies
Charitable giving and donor-advised funds
Deduction timing, bunching, and QBI optimization

Medical Practice Tax Planning

The right practice entity and compensation structure can save a physician tens of thousands annually. We design and implement strategies built specifically for medical practices.

PC / PLLC / S-Corp entity analysis and optimization
Physician owner compensation structuring
Defined benefit and cash balance plan tax setup
Equipment, CME, and home office deduction planning

Retirement Account & Practice Exit Tax Planning

Physicians often delay retirement planning due to late career starts and student debt. We help you close that gap and plan a tax-efficient exit from practice.

Defined benefit, 401(k), and SEP-IRA maximization
RMD tax planning and Roth conversion tax strategies
Practice sale and buy-sell agreement tax analysis
Hospital employment contract exit planning

Estate & Gift Tax Planning

Strategies to minimize estate and gift tax exposure when transferring assets to the next generation.

Annual gift exclusion strategies
Irrevocable trust planning
Valuation discounts and family limited partnership tax strategies
Charitable trust structures (CRT, CLAT)

Practice Guidance & Representation

Practice Advisory & IRS Representation

When it matters most, you need a qualified advocate in your corner.

Starting or Joining a Medical Practice

Transitioning from employed to independent practice — or joining an existing group — has major tax implications. We help physicians make the right structural decisions from day one.

PC / PLLC formation and entity elections
Partnership agreement and buy-in tax review
Employment vs. independent contractor analysis
First-year estimated tax planning for new attendings

IRS Audit Representation

High-income physicians and medical practices draw IRS scrutiny. If you receive an audit notice, we handle all communication and representation — so you can stay focused on patient care.

Correspondence, office & field audits
Tax Court representation
Penalty abatement requests
Offer in compromise assistance

Why JDS Financial

We Speak Physician Finance

Most CPAs aren't equipped to handle the complexity physicians face — high W-2 and 1099 income, medical PC or PLLC structures, malpractice deductions, contract negotiation tax implications, and high earned income all require specialized knowledge.

At JDS Financial, we've spent years working exclusively with physicians and medical professionals. We know your world — and we put that knowledge to work keeping more of your income where it belongs.

About John D. Shreck

✓ From Residency to Retirement

We work with physicians at every stage — residents navigating their first attending contract, established physicians optimizing their tax position, and those planning a practice exit.

✓ Practice Entity & Compensation Expertise

Whether you're an employee, partner, or independent contractor, we structure your compensation and entity for maximum tax efficiency.

✓ Personal Attention at Every Level

You work directly with John D. Shreck — not a junior associate. Every return and every plan gets his personal attention, even during your busiest clinical stretches.

About the Firm

A CPA Who Understands Physician Finances

JDS Financial Management PC is a one-person CPA firm built on a simple idea: every client deserves quality advice, a fair price, and the direct attention of an experienced professional — every time.

When you work with JDS, you work directly with John D. Shreck — a CPA with 25+ years of experience and a personal connection to the medical profession. No hand-offs, no junior staff, no surprises.

Meet John D. Shreck →

John D. Shreck

CPA, MBA — Founder

"I founded JDS because I wanted to do things the right way — quality advice, fair pricing, and the personal attention every client deserves."

Tax Strategy Built for Physicians