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 »
The PPP Loan you received is a 2-year loan @ 1% APR in which payments start within 6 months from the funding date. Most borrowers will request the loan forgiveness within that first 6-month period to avoid making any payments to the loan. For the forgiveness process you might need to use the standard SBA …
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 »
The quickest way to put more money in your pocket is to reduce taxes. But if you’re a savvy taxpayer – or you have an experienced tax preparer on your side – there are a myriad of possible deductions that you can take advantage of that will keep more of your own money with you, …
Are you getting as much mileage out of your deductions as you could be? 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 …
