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
How to make taxes less daunting Read More »
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
Why real estate can help lower your tax bill 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 »
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
PPP Loan Forgiveness – Action Steps Read More »
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
How to make sure you keep your retirement money Read More »
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 »
