Do you own your own practice and/or make 1099 income from your side gig? Do you have children? Well this tax tip is for you:
Hire your children!
How-to for Doctors: Teaching Your Children About Money
In the famous words of Alice Cooper, “school’s out for summer”! Yes, summer vacation is here, and the question is: how are you going to keep your kids from bouncing off the walls for the next three months? This could be the perfect time to teach your kids about money, and the importance of saving. Whether they’re 4 or 16, there’s never a bad time to teach them about the fundamentals of money and savings goals.
How do we, as parents, help our children out financially? Of course we can start trusts, 529 plans, or brokerage accounts which helps their financial futures, but what will really impact their future is learning healthy financial habits.
It may seem difficult to get this concept across to a child, but the root principle is one they are already learning. All actions and decisions we make have consequences. Spending now might mean you won’t have the freedom to spend in the future.
2022 Proposed Tax Changes that Will Impact Doctors
We can finally let out a sigh of relief as we put tax season 2021 behind us! This means we have plenty of time to prepare for the 2022 tax season, and educate ourselves on the proposed tax changes.
As we do every year, we are watching for any changes in federal and state tax law that will affect our doctors in the next year, and impact their retirement.
