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Bill,

Good luck on entering into private practice.  I sounds like you have a great 
bunch of colleagues there.

One of the most important things for a person entering private practice is to 
set up a good set of books.  Find a good CPA and have him/her set up a 
bookkeeping procedure for you.  While current IRS rules permit expensing 
assets, it wasn't and isn't always permitted.  Depreciating assets can be 
quite complicated.  Decide *now* whether you want your accounting on a cash 
or accrual basis as it is difficult at best to change once you make a choice.

Also have your CPA advise you about the benefits or lack of benefits of a 
sub-S corporation.  My CPA saw no benefit, so I have been a sole proprietor 
for the past 34 years.

Good Luck.

A. Roger Turk, P.E.(Structural)
Tucson, Arizona