Have you been saving for your retirement? If you’re making a high enough income, you’re likely building up healthy retirement savings. If you’ve also been receiving a match on your contributions from your employer to a 401(k), you’re likely doing even better. But regardless of which retirement accounts you’re using, you’ll face the hefty 10% …
Avoid early IRA withdrawal penalties by using the 72(t) rule Read More »
Professionals with high incomes are often faced with difficult financial choices. One of the most common and difficult choices is whether to focus on paying off a mortgage. Doing so can remove one of the largest financial burdens most individuals face. Alternatively, investing in your future may seem a better idea than focusing on your …
If you’re not good at paperwork, the corporate form of business is probably not for you. Let me tell you about a tax court case involving William H. Bruecher III. He learned a lesson by paying more than $27,000 in taxes on monies his corporation supposedly loaned to him. Mr. Bruecher’s corporation did not pay …
Your marriage status has a large impact on your taxes. But even when you’re married, you still have a serious tax choice to make. While taxes aren’t the most romantic topic to discuss with your partner, you’ll want to have the talk. So, cuddle up in bed, get a glass of wine, grab your tablet, …
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 …
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 »
