High Salary Specialties: Cardiologist Salary

Cardiologist salaries

The heart is a very complex and essential organ in the body. As a cardiologist, your role in keeping that organ functioning properly earns you one of the highest salaries in the medical field. Within the cardiology specialty, there is a wide range in the amount of money physicians can make. Most of this is […]

What Physicians Should Know About 457 b Deferred Compensation Plans

What Physicians Should Know About 457 b Deferred Compensation Plans

You’re never too young to invest in a sound retirement plan. Most physicians are around 30 by the time they finish training and start practicing medicine. Getting that later start makes it crucial that you start saving for retirement early on in your career. But with so many investment options and retirement plans to choose […]

3 Ways to Avoid Taxes on Life Insurance Benefits

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3 Ways to Avoid Taxes on Life Insurance Benefits Veronica Baxter | Boonswang Law Firm As a general rule, proceeds from a life insurance policy are not taxed as income to the recipient. Whether the proceeds take the form of death benefits or Accidental Death & Dismemberment (AD&D) benefits to the insured, those proceeds are […]

The Complete Guide to Physician Retirement Planning

Physicians discussing retirement planning

  If you want to enjoy your retirement years, you’ll need to have a savings plan in place. Because doctors are some of the highest-earning Americans, most new physicians assume that saving is easy. However, that’s not necessarily the case. Unless you establish a solid retirement plan, you might not have enough to support yourself […]

Alternative Tax Free Income for Physicians

Risk Management

Alternative Tax Free Income for Physicians When is the right time to use a life insurance contract as part of your financial plan Cash-value universal life insurance contracts are an often overlooked investment vehicle that can offer physicians tax-efficient, low-risk wealth accumulation. As you weigh the value of a life insurance contract in comparison to […]

How Disability Benefits Affect Physician Tax Planning

How Disability Benefits Affect Physician Tax Planning

Do you know how taxes could impact the value of your disability benefits? Learn about the best disability insurance for physician financial planning: When you’re considering a long-term tax plan, you have to consider the good years, bad years, and any unexpected interruptions to your earning track. One of the most tragically common events that […]

5 Tax Planning Strategies for Physicians (2021 Edition)

5 Tax planning strategies for physicians

Compared to professionals in other industries, physicians rank among some of the highest-paid individuals in the United States. And, as all American workers know, the more you earn, the more you pay in income taxes. The 2020 tax season is quickly approaching. If you haven’t already started planning how you’re going to file your fiscal […]

How To Avoid Common Physician Tax Errors

How To Avoid Common Physician Tax Errors

While it’s true that most doctors are relatively high-earners, physicians also face unique financial obligations (i.e. high loan repayment, disability insurance premiums, etc.) that make it essential to avoid any mistakes when it comes to taxes. By avoiding a few common tax errors, doctors can keep more of their earnings to put towards financial goals […]