As a financial advisory firm, we talk to hundreds of doctor households each year and see their tax returns. On occasion, we spot issues with their taxes. As you prepare for filing your taxes, we thought you’d want to know the common tax missteps we see with doctors.
We thought we’d give a quick update on the state of Public Service Loan Forgiveness (PSLF). So much has changed over the last few years; it’s worth going through a quick timeline.
During the summer of 2024 stock markets were in the news. The Standard and Poor’s 500 (S&P 500) fell about 6% between July 31st and August 5th of this year. The news media was quick to panic—they always do.
Going into practice is a busy time in the career of a young physician or dentist. We get lots of questions about what they can do during this time to start off on the right track. One key to success is reviewing the data behind the decisions we make. In medicine, this could mean recognizing that your blood pressure is too high, therefore you change your\habits or medications to improve your overall health. Similarly, doing a “financial check-up” can ensure long-term success with money. The most pivotal time for a checkup is during the transitionary period of going into practice. We’ve broken the financial check-up into six key categories:
Now that summer is coming to an end and students are headed back to school, it’s time to start thinking about year-end finances. Make a plan to finish these five items before mid-November. Reach out to our team with any questions or to make sure you’ve completed all that applies to you.
At some point in your career, you’re going to hear from the “Investor Genius Doctor” (IGD). The IGD is the doctor who likes to talk about their great investments and share of their successes. Note, their losses are often not shared as freely
In mid-April 2024, the Biden administration announced some potential relief for student loan borrowers.
It’s important to note this is potential relief. Nothing is finalized yet. Just like the previous announcement of forgiving $10,000 student loan balances, the latest relief may also get jammed up in the courts.
Here is the short version of the potential relief announced that may impact doctors:
One of our advisors, Ben Kirchner, has been receiving lots of questions about 529 plans and saving for future education expenses. He put together a list of the most asked questions in The Doctor's Guide to 529 Plans. Read the full article by clicking the button below.
In the ever-changing world of finance, our CIO and advisor, Josh Lantz , stays up to date by reading research studies and sharing them with our team. Today, he breaks down a study for our doctors about what adds value to your life in retirement. Keeping these aspects in mind can help you stress less and feel better prepared for a fulfilling retirement.
One of the most popular financial questions we get from doctors is “How do I receive Public Service Loan Forgiveness (PSLF) in the quickest and cheapest way possible?”. Although there’s no way to bypass the requirement of 10 working years at a 501c3/not-for-profit, the federal government has opened some new avenues to count previously missed opportunities for qualification.
Estate planning centers around a plan for your assets upon cognitive decline, disability, or death. It is a written plan to formalize your wishes in advance. At the heart of it, estate planning is about protecting you and your loved ones.
All doctors need an estate plan, but in our experience very few have them. Most state it’s because they don’t know where to start or what all an estate plan should include. At a minimum, doctors should look to get a basic estate plan when they initially have children. Estate planning can get complex. This quick article is meant to outline what to look for in that first basic estate plan.
Roth IRAs can be great savings vehicles for doctors. They allow your money to be contributed after taxes, grow tax-deferred, and be withdrawn tax-free when used correctly.
After the recent collapse of the 16th largest bank in the United States, called Silicon Valley Bank (SVB), more and more doctors have been talking about FDIC limits.
As a reminder, FDIC limits are the protections provided to your bank accounts sponsored by the United States government through the Federal Deposit Insurance Corporation (FDIC). Examples being your checking accounts, savings accounts, and CDs held at a banks protected under FDIC insurance.
In the event of an FDIC bank failure, the FDIC reimburses depositors of that bank up to certain thresholds.
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.
