Archive For: Tax Planning

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 other financial products, it is helpful ... Read More

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 ... Read More

5 Tax Planning Strategies for Physicians (2020 Edition)

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 ... Read More

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 ... Read More

The Physician’s Guide to Backdoor Roth IRAs

It’s never too early to start planning for retirement. As a physician, you endure more years of school and training than folks in almost any other profession. That means that by the time you start working, you’re already behind in terms of retirement savings. So how do you catch up? What’s the best way to ... Read More

5 Ways for Doctors to Save on Taxes

A physician’s busy schedule doesn’t slow down for tax season, and most doctors don’t have time to sift through every potential write-off or tax credit to save money. As a result, doctors usually pay significantly more in taxes than others in the same income bracket. Even with high average salaries, doctors still have to plan ... Read More