Why is tax season so daunting? Well, we all fear the unknown. And for many business owners and medical professionals, April is the month of the unknown. How much money will I owe? How much money will I have left? What are the consequences of that financial decision I made earlier in the year? Many …
Today let’s take a moment to address the elephant in the room. You may not have had the best experience with financial advisors so far in your career. Many of our clients were preyed on by insurance salespeople when they came out of medical school. Coming from a physician’s family – I know what that …
Your objections, fears and worst-case scenarios of working with us Read More »
I am always looking for ways to put more money into my retirement. Chris and I currently have 10 (yes ten!) retirement accounts with a mixture of pre-tax and post-tax accounts. Each account has its own unique set of rules, contribution amounts, and investment strategies. For example, Chris, at his neurosurgical practice, has a 401k …
Step-by-step tutorial of the Mega Backdoor Roth through Fidelity Investments Read More »
Jeff and Trisha are a couple with two kids living in California. When they came to Cerebral for advice, Jeff had recently changed from doing W-2 work to running his healthcare business as a full 1099 independent contractor. Jeff already had a strong feeling he was paying too much tax. He had all kinds of …
We recently had a question from a client about solar panels and their potential tax advantages. We’re actually looking into a solar panel system ourselves as we continue with a new house build, so this couldn’t have been a more timely question! Here’s the question in full: We are considering installing solar panels this year, given the …
Are solar panels a good investment for my home or office? Read More »
Most people, regardless of how much income they earn, are taught that setting aside money in an employer-sponsored and/or individual retirement account is the best way to ensure that money will be available in the future. But the truth is, that’s only partially right. While saving and investing can certainly help you to build up …
The ability to create more cash flow from the money you already make is a key step towards building true wealth. One way to accomplish this is through a strategy known as income shifting. Income shifting is not a new concept. In fact, this strategy has been used by the wealthy for generations to help …
What is income shifting, and how can it reduce my tax burden? Read More »
At the end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) act was signed into law, bringing in new changes and adaptations with regards to retirement savings. On the whole, the changes are positive. The bill appears to acknowledge that we’re all living a little longer, incentivizing businesses to provide savings plans …
What changes does the Secure Act bring? How might physicians be affected? Read More »
Okay, let’s start at the very beginning – what actually is an entity? A business entity is an organization that has been created by one or more people to carry on a trade or business. We’re going to look at some of the most common types in this blog. Just like choosing the best plan …
So you’ve set yourself up as an S-corporation. As your business grows, it’s great to think about yourself as a separate entity from the business, so you’re not muddying the waters between personal and work finances, and you’re protected personally from liability. While you’re legally a separate entity from your business under S-Corp, it’s important …
