Dr. Faizan Arshad is a medical doctor and the EMS Medical Director for Vassar Brothers Medical Center, part of NuVance Health. Between you and me, Dr. Arshad is a closet CPA—he is a client of mine with a deep affinity for finance and accounting. But in addition to his background as an emergency medicine physician, Dr. Arshad has served in numerous field roles outside of the hospital, eventually landing in the United States Air Force. In this episode of the Progressive Dentist podcast, Dr. Arshad joins us to share his story, talk about his podcast, @EMS_Nation, and discuss how he has approached his tax strategy with a multi-use home office that he and his wife share.
Creating the Ideal Multi-Use Home Office
Dr. Faizan initially planned to design and build a home office that could support his ability to work from home intermittently. Then, he decided to incorporate his podcasting studio so he could record it from the office as well. Finally, his wife—who is a nurse practitioner—wanted the opportunity to get into aesthetic medicine and practice from home. All of this came together in one multi-use space.
In 2017, President Trump passed the TCJA, the Trump Tax Cuts, and Jobs Act. Of these, two specific provisions caught Dr. Arshad’s eye. One was the expanded definitions for Sec. 179 deductions and 100% bonus depreciation. The second was the idea of QIP or Qualified Improvement Properties. Dr. Arshad leveraged both of these to optimize his tax strategy, which enabled him to earn more income for his family by doing research and playing offense.
As always, please visit me at www.theprogressivedentist.com for more informative podcast episodes with other remarkable business leaders.