Mid-Year Tax Changes That Will Help You

August 22, 2022August 16, 2016 by Justin Nabity

Making mid-year tax changes can completely change your outlook for the year

Mid-year tax changes are a great way to make sure you’re even with the government come tax season. Remember, if you get a large refund, you’ve given the government an interest-free loan straight from your pocket!
One of the easiest ways to reduce your household income tax liability is to maximize your contributions to tax-deductible vehicles such as 401k, 403b, 457b plans.

Each of these allow you to put away $18,000 which means you could take a tax deduction of $54,000. How much tax would this save you if you were in the 35% income tax bracket? That would be $18,900. Simply by shifting your income from once place to another can provide that much tax relief.

So what happens to the growth inside of these accounts and the income that you can take in retirement?

The Doctor’s Life Podcast Episode 036- Minimizing Your Taxes

November 14, 2022July 25, 2016 by Justin Nabity

With it being mid-summer, a lot of people don’t think about minimizing your taxes. But right now is the perfect time to evaluate where you’re currently at for the year so your taxes aren’t a complete surprise next year.

Justin Nabity is in The Doctor’s Life Podcast studio with answers to questions you will have when you are leaving your current employer. All episodes of The Doctor’s Life Podcast are available on iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

The Doctor’s Life Podcast Episode 008- How’s Your Financial Health?

June 27, 2024January 12, 2016 by Justin Nabity

It’s that time of the year when you’re looking at bills from the holidays, maybe a job offer or going after a job offer, and tax season is starting to roll around. It’s time to ask yourself about your financial health. Sometimes you have to be brutally honest with yourself when assessing your financial health.

Nick Schneider is in studio this week to help you determine your financial health.

All episodes of The Doctor’s Life Podcast are available on iTunes and SoundCloud. If you have an Android device, you can download a podcast player (I recommend Podcast Addict), and it will pull from iTunes. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

The Doctor’s Life Podcast Episode 005- You’re Paying Too Much In Taxes

June 27, 2024December 17, 2015 by Justin Nabity

dl-podcast-partnership-track-leaving-job

Well, we are about to wrap up 2015. That means it’s about time to dive in to your taxes. Some of us look forward to that refund from the IRS and already have that check spent. That also means we are paying too much on our taxes.

Nick Schneider is back on The Doctor’s Life Podcast with a few tips on how to avoid paying too much on your taxes and some easy ways to get Uncle Sam out of your pocket.

All episodes of The Doctor’s Life Podcast are available here, iTunes, and on SoundCloud. If you have an Android device, you can download a podcast player (I recommend Podcast Addict), and it will pull from iTunes.

Special Needs Trusts

October 4, 2023October 1, 2015 by Justin Nabity

If you have a child with special needs, you face long-run financial demands that cannot be fully met through federal and state assistance. What can you do to try and meet them?

Life Insurance as Part of Your Tax Diversification Strategy

June 27, 2024April 20, 2015 by Justin Nabity

The Physician’s Life Insurance Primer Series: How life insurance fits in a savings and tax diversification strategy

For many people, life insurance forms the security foundation of their financial plan. While most financial planners recommend that life insurance be purchased for its protection, and not as a primary savings vehicle, few would argue that cash value life insurance doesn’t have some fairly unique and attractive savings features. When these are considered in the context of a person’s overall savings and investment strategy, they may offer some advantages for physicians, especially for providing additional tax diversification of income sources.

Tax Reduction Strategies for MD’s: Tax Credits

October 20, 2022April 20, 2015 by Justin Nabity

Tax Reduction Strategies Series

The third installment in our series of steps physicians can take to reduce thier tax burden is to employ tax credits.

Strategy 3: Look for Tax Credits

Tax Reduction Strategies for MD’s: Part II

October 18, 2022April 19, 2015 by Justin Nabity

Tax Reduction Strategy Series – Part II

We continue our series on three key steps physicians can take to reduce thier tax burden with today’s focus on Tax Deductions.

Strategy 2: Increase Your Deductions

The biggest reason most people pay more taxes than is necessary is their failure to capture all of the tax deductions available to them. Through itemized deductions, physicians can lower their AGI even further.

Tax Reduction Strategies for MD’s

October 18, 2022April 19, 2015 by Justin Nabity

Tax Reduction Strategies Series

While tax season seems to have just ended, tax planning should be a year-round event for high earning physicians. Your focus should be on the three key ways to minimize your tax burden – Income Reduction, Tax Deductions and Tax Credits. This series will discuss each of the focal points, starting with Income Reduction.

Making mid-year tax changes can completely change your outlook for the year

The Physician’s Life Insurance Primer Series: How life insurance fits in a savings and tax diversification strategy

Tax Reduction Strategies Series

Strategy 3: Look for Tax Credits

Tax Reduction Strategy Series – Part II

Strategy 2: Increase Your Deductions

Tax Reduction Strategies Series

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