If you operate your business as a sole proprietorship, there are many strategies to reduce your taxes. Let’s start with the following 10: Use the Section 105 plan to make your health insurance a tax-favored business deduction on your Schedule C. Employ your under-age-18 child to make taxable income disappear. Employ your spouse without paying …
Proven Tax Reduction Strategies for Sole Proprietors Read More »
If you’re making money, you’re going to pay taxes. There’s simply no way around it. However, the nature of your income will determine the amount you pay in taxes. Furthermore, you can change the character of your income to save more of your income. Your money has character, and its character matters. From the IRS …
Changing the character of your income to save tax Read More »
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 …
Too many doctors rely purely on W-2 income, and the harder you work and the more patients you take on, the higher your taxes end up being. For physicians and similar busy professionals, real estate investing can be a low-maintenance, low-effort form of earning additional cashflow with a potentially much lower tax rate, freeing you …
Form W-2 is the most commonly filed tax document in the US. It’s a simple document that employees file every year. These taxes will cost you 10% to 37% of your income, depending on how much you make. But there are several ways to save on taxes that don’t immediately meet the eye. With some …
How can I strategize my tax planning as a W-2 only earner? Read More »
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 …
A signing bonus is a financial incentive that an organization or business offers a prospective employee in order to woo them to join up. It could be given in the form of a one-time major cash payment or stock options and may as well be a combination of both. Signing bonuses are mainly offered to …
Buying a vehicle through your business isn’t entirely different from buying one personally. But before you buy a vehicle under your business’s name, there are several factors you must consider. When you buy a vehicle through your business, you will be faced with different requirements. The ways the IRS accounts for personal and business vehicles …
Should I buy a vehicle through my healthcare business? Read More »
