Why High-Income Doctors Continue to Drown in Debt
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.
Read MoreThe 8 Biggest Asset Protection Mistakes Doctors Make
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.
Can Physicians Lose Their House in a Malpractice Lawsuit?
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.
Read MoreEmployee vs. Contractor: Why Not Knowing the Difference Can Land Your Business in Hot Water
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…
Read MoreHow to Minimize Taxes When You Sell Your Medical Practice
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…
Read More6 Tips for Finding the Tax Advisor Who Can Help You Achieve Your Financial Dreams
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…
Read MoreHow to Avoid Choosing the Wrong Tax-Advantaged Retirement Plan
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…
Read MoreInvestments that Give You the Biggest Tax Breaks (Part Two)
Tax-advantaged income generators offer major benefits to sophisticated investors When it comes to investing, the returns you make aren’t all that matter – the endgame is also about how much cash stays in your pocket after taxes. In the first installment of our two-part series on investments that offer the biggest tax breaks, we considered…
Read MoreHow to Avoid Overpaying Tax on Mutual Funds
Mutual funds can be taxefficient investments – that is, as long as you are aware of the strategies necessary to avoid overpaying the IRS Investing in mutual funds is a way for investors to pool security ownership with other investors. But when you’re considering taking advantage of the benefits of mutual funds, make sure you…
Read MoreHow to Avoid – or Reduce – Capital Gains Tax
Capital gains tax doesn’t have to overshadow your profits. Capital gains are profits you see from the sale of assets and investments, such as stocks and bonds or real estate. Any capital losses you experience each year are offset against these gains. Capital gains tax is the tax you must pay to the IRS on…
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