Tax tips
Doctors: The Path to Financial Independence Begins with Tax Planning
You’ve spent years studying medicine, building your practice, and improving patient lives. But have you put the same effort into planning your financial future? For many physicians, high income doesn’t automatically translate into long-term wealth. In fact, poor tax decisions can quietly erode your earnings and delay your path to financial independence. The good news?…
Read MoreAdvanced SALT Deduction Strategy: Leveraging Non-Grantor Trusts
Want to Reduce Your State Income Taxes? Start with Trust Strategy If you’re a high-income professional living in a high-tax state, the SALT deduction cap has likely hit you hard. But there’s a way out—if you’re strategic. The solution? Using non-grantor trusts as an advanced SALT deduction strategy. It’s not for everyone, but for the…
Read MoreWant to Keep More of Your Money? Start with the Right Business Structure
Physicians who want to save more, protect assets, and build long-term wealth often overlook one key strategy: Choosing the right business structure. Let’s explore how U.S. tax law treats business entities, what structures can benefit you as a high-income physician, and how the right tax advisor can help you stay ahead. Why Business Structure Matters…
Read MoreAvoid IRS Penalties: Understand the Safe Harbor Rule
Staying ahead of IRS penalties doesn’t have to feel like a guessing game. Especially if you’re a high-income earner, 1099 contractor, or small business owner. One overlooked but powerful protection? The Safe Harbor Rule. Let’s break it down and see how tax advisors help you use it to your advantage. What Is the Safe Harbor…
Read MorePhysicians, Are You Winning or Losing Under the New Tax Plan?
The tax landscape has changed again. And if you’re a high-earning physician, you’re probably wondering—does this new tax plan help or hurt me? Well, the answer isn’t as simple as you might think. Some doctors may benefit from new deductions or tax treatments. Others? They could see their tax bills climb. The difference often comes…
Read MoreExpanded SALT Deduction for Businesses: A 2025 Tax Planning Opportunity
State and local taxes (SALT) have been a sticking point for high-income business owners since the Tax Cuts and Jobs Act (TCJA) capped deductions at $10,000 in 2018. That cap limited how much individuals and pass-through businesses could deduct on federal returns, leading to significantly higher tax bills in high-tax states. But 2025 brings an…
Read MoreThe Advantages of Being a 1099 Physician
Many physicians are discovering that being an independent contractor—a 1099 physician—offers more than just a different way to earn income. It’s one of the most powerful ways to keep more of what you earn through strategic tax planning and wealth-building strategies. If you’ve ever felt frustrated watching a large portion of your paycheck disappear to…
Read MoreRegret That Loan? Here’s How to Fix It
Most people don’t take out a loan thinking they’ll regret it. But then reality kicks in. The interest rate creeps up, the payments start to sting, or maybe the purpose of the loan no longer makes sense. Whether it’s a personal loan, business loan, or something in between—if you’re feeling stuck with one, you’re not…
Read MoreWealth Strategies for Physicians: What You Should Be Doing Now
If you’re a physician, chances are you’ve been so focused on patient care, charts, and call schedules that your wealth strategy is more of an afterthought—if it exists at all. That’s understandable. But it’s also risky. As a U.S. tax advisor who works with high-earning professionals every day, I’ve seen too many physicians make the…
Read MoreHow Businesses—New and Old—Can Save More on Taxes
Every business—whether it’s been around for decades or just launched last month—has something in common: taxes. Taxes don’t care if you’re bootstrapping in year one or leading a multi-million-dollar operation. They show up every year, every quarter, without fail. And if you’re not intentional about managing them, they’ll quietly drain resources you could’ve put to…
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