6 strategies for taking years off medical school debt and saving thousands in the process Graduating from medical school is a major accomplishment. But for too many doctors, the celebration is dampened by the massive student loan debt that can go hand-in-hand with a medical degree. In the class of 2018, 75 percent of medical […]
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Entries by David Auer
It’s important to understand what supplementing your income means for your taxes.
Modern medical debt is mounting. The figures run high to enter the medical field: $240,000 to $340,000 for a public or private degree with a median graduating debt of $190,000. It’s no wonder moonlighting is used by many physicians to get ahead. It can provide a valuable income stream at a crucial point in a graduate’s life, though not all who moonlight are fresh out of class.
How’s your track record at addressing and resolving issues?
It’s the elephant in the room. You see the problem, but everybody wants to avoid a discussion. Why is that – especially when it’s an obstacle that can kill organizational performance and profit? We live in an age where a company can lose a significant amount of its value because of a news report. Other, subtler issues linger long-term, limiting growth and success. When there’s a problem, it often has to be dealt with. Right now.
On average, physicians make the highest salaries across the nation. But many doctors still continue to drown in debt due to student loans and poor spending habits
Attending medical school and becoming a physician has long been a noble and sought after career choice. Also, one of the highest paying. In U.S. News and World Report’s 2019 Best Paying Jobs List, (which also takes into account employment, growth rates, and job prospects) the 11 best-paying jobs are in the medical field. The highest is an anesthesiologist, paying a median annual salary of $208,000.
A successful lawsuit without enough insurance could threaten a lifetime of savings
In today’s litigious society, getting sued is not uncommon – especially for doctors. One in three physicians has a medical liability lawsuit filed against them during their careers, a proportion that goes up as a physician gets older.
Find out what’s really at stake
There is a perception that malpractice lawsuits may cost doctors everything – their assets, savings, or even their house. But while malpractice cases can be lengthy and expensive, it’s actually very rare that a doctor would lose it all in these cases if he or she has the proper insurance coverage.
Make sure you fully understand the ramifications of mislabeling a worker when doing your taxes Your business may see big benefits in hiring independent contractors for certain work. But it’s crucial to remember the difference between an employee and an independent contractor when reporting your taxes each year. Making a mistake in differentiating between the […]
Understanding these key issues keeps more money in your pocket than Uncle Sam’s Small, independent medical practices once dominated the medical landscape. But doctors are increasingly giving up their independence to join larger groups or hospital systems that eliminate the headaches of running a business in today’s health care climate. 2016 marked the first time […]
How choosing the right partner can save business owners millions Smart tax decisions can often save business owners millions of dollars over a lifetime. And that makes partnering with an exceptional tax advisor one of the most important steps you can take to protect and grow your wealth. Great tax advisors don’t simply do the […]
There’s no one right way to save for retirement. Weigh the pros and cons of each type of account. Then do the math to figure out which one will save you more tax in the long run. There are many retirement savings accounts out there that offer tax savings and substantial long-term asset growth. But […]
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