Mark E. Battersby

Tax planning has long been an extremely effective tool used by many urologiststo keep their tax bills to a minimum. Often overlooked in this ongoing battlefor legitimately lower tax bills, however, is the biggest tax bill facedby many physicians and their practices: property taxes. Even those utilizingrented property for their practices are impacted by property taxes.

For the second time in 2 years, our lawmakers have created federal taxcuts designed to spur business investment. However, despite record-low interestrates, affording the funds to acquire the property and equipment to takeadvantage of those tax cuts has never been harder. Into the breach has steppedthe U.S. Small Business Administration (SBA).

The out-of-pocket expenditures needed to buy the equipment used in every practice have always been reduced or helped by our tax laws. Today, thanks to the new Jobs and Growth Tax Relief Reconciliation Act of 2003, the needed equipment may be more affordable than ever.

Congress passed it, and the president signed it. The $330 billion, 10-yeartax cut plan will have a significant impact on the tax bills of every physicianand his or her practice. The bill largely adopts the House's prescriptionfor trimming taxes on capital gains and stock dividends for at least 5 yearswhile lowering income tax rates and encouraging business investment.

Reason for meeting attendance is just as important as keeping receiptsand records