Taxes

Doctors: 2022 Updates for Using the Backdoor Roth Conversion Strategy

Doctors: 2022 Updates for Using the Backdoor Roth Conversion Strategy

We continue to stress to our doctors the importance of funding as much as possible into their tax-free accounts. Not only is this “tax insurance”, meaning you will not have to pay taxes on these accounts in the future, but it can also have a huge impact on how much money you will have in retirement. The amount of funds you have in tax-free investments can even make a difference on how soon you reach financial independence. The more funds doctors have in a tax-free account could mean retiring sooner, or, unfortunately, it could push out retirement for those doctors who have not planned ahead.

We could be looking at some changes to this strategy in 2022 due to some proposals on Congress’ docket. Here’s an overview of both current and possible changes to the backdoor Roth conversion strategy.

(2018) New Federal Tax Bill and Its Impact on Doctors

(2018) New Federal Tax Bill and Its Impact on Doctors

Many of us have been glued to the news in recent weeks. The new tax bill is official as of writing this article, signed into law Friday, December 22nd, 2017.   

We've summarized the impact the new tax bill will have on doctors and their families. Click here to learn more.

Quick & Dirty Estate Planning for Doctors

Quick & Dirty Estate Planning for Doctors

Although most of our physicians are concerned about income taxes—estate taxes can be a much bigger burden. In fact, they can eat up almost 50% of an estate.

The good news: unlike income taxes, estate taxes are completely voluntary. There are things doctors can do to make sure your estate passes without any estate taxes.

For estate tax purposes, you may be richer than you think. 

How Smart Tax Strategies Can Save You Money, Now, and in the Future

How Smart Tax Strategies Can Save You Money, Now, and in the Future

When I first started financial planning, we all had one basic assumption - push taxes into the future. The general thought was our clients would be in a much lower tax bracket for taking distributions from their retirement plans. About 13 years ago, I had an "aha moment". What if that assumption was false?

Retirement Planning

Retirement Planning

All of doctors dream of the day they will be financially independent—the day where practicing medicine is optional, not required. To plan for this day, we do extensive retirement planning for all of our clients and review it at every meeting.

Our plan for building wealth for our physicians follows this proven process:

Are you ready to take the next steps in securing your financial future? Click here to book a complimentary consultation with one of our team members.