Tax tips
How to Save More Without Sacrificing Enjoyment
Saving money should not feel like punishment. You deserve to enjoy your life today while building financial security for the future. With the right strategies, you can save more without cutting out what makes life meaningful. Here’s how you can make smart financial moves — and still have fun along the way. How to Save…
Read MoreReduce Home Insurance Premiums Without Compromising Protection
Home insurance protects your biggest investment—your home. But that doesn’t mean you need to overpay for it. Here’s how you can lower your premiums while keeping solid coverage in place. Raise Your Deductible A higher deductible usually means lower monthly premiums. Consider increasing your deductible to $1,000 or more Make sure you have enough saved…
Read MoreWhat to Do with Your RMDs (and What to Avoid)
Once you reach age 73, the IRS requires you to begin taking Required Minimum Distributions (RMDs) from your tax-deferred retirement accounts.If you were born in 1960 or later, your RMD start age is 75. RMDs apply to: Traditional IRAs SEP IRAs and SIMPLE IRAs (after retirement) 401(k)s, 403(b)s, and 457(b)s (unless you’re still working and…
Read More1099 Contractors: Your Guide to Managing Income, Taxes, and Deductions
Knowing how 1099 contractors can manage taxes and maximize deductions is essential to keeping more of what you earn. As a contractor, you’re in control of your income—but also responsible for every tax detail. 1. Know What It Means to Be a 1099 Contractor You’re not an employee. You’re self-employed. That means: No tax is…
Read MoreDon’t Fear Market Losses—Learn from Them
Market losses are part of investing. They’re frustrating—but also useful. Every investor experiences them. What matters is how you respond. Don’t freeze. Reflect. Seeing your portfolio drop can lead to panic. But reacting emotionally often makes things worse. Ask yourself: Was your risk tolerance overestimated? Did you follow a plan—or invest based on hype? Is…
Read MoreHow Physicians Are Boosting Their Income Outside of Medicine
You worked hard for your medical degree. But more physicians are realizing that relying solely on clinical income may not be the most sustainable long-term path. You don’t have to trade all your time for money. Let’s look at how physicians across the country are building wealth outside the exam room—without giving up their identity…
Read MoreShould You Restructure Your Medical Practice? A Guide to Tax-Smart Business Decisions
The evolving tax landscape in 2025 presents both challenges and opportunities for your medical practice. Choosing the best tax structure for doctors under new tax laws is more important than ever. Understanding these changes is crucial to making informed decisions about restructuring. Key Tax Changes Affecting Medical Practices in 2025 Expiration of Tax Cuts and…
Read MoreAvoid These Costly Tax Mistakes When Selling a Medical Practice
Avoid These Costly Tax Mistakes When Selling a Medical Practice Selling a medical practice is a major financial transaction, and without proper tax planning, you could end up paying more in taxes than necessary. Fortunately, with the right strategies, you can significantly reduce your tax liability and maximize the proceeds from your sale. This guide…
Read MoreRetirement Planning for Physicians: Why It’s Tougher Than You Think (and How to Overcome the Challenges)
Retirement Planning for Physicians: Why It’s Tougher Than You Think (and How to Overcome the Challenges) Retirement planning is a crucial financial goal, yet for physicians, it comes with unique challenges that make it more complex than it is for most other professionals. While doctors often earn high salaries, they also start saving later, face…
Read MoreMaximizing Tax Deductions: How Doctors Can Write Off Business-Related Vacations in 2025
Maximizing Tax Deductions: How Doctors Can Write Off Business-Related Vacations in 2025 For busy medical professionals, finding time for both business development and relaxation can be challenging. However, with proper planning, doctors can combine business trips with leisure travel and legally deduct certain expenses on their 2025 U.S. tax return. While the IRS strictly prohibits…
Read More