In part 1 of this series, I discussed investing and tax issues and how they are different for a "high-income" doctor ($500K-$2M per year) versus a typical doctor ($150K-$400K per year.) In part 2, Mi...
The Federal Thrift Savings Plan (TSP) is the “401K” for military and other federally employed physicians. It is a great retirement plan, with minimal expenses (2-3 basis points total), and 5 great in...
I realize this totally makes me a nerd, but I think I have a favorite tax break - Depreciation of rental property. Most tax breaks, like charitable contributions or mortgage interest require you to s...
[Editor's Note: This is a guest post from Jayson Mullin, a partner at a tax debt resolution company called Top Tax Defenders. We have no financial relationship.] As with other professions, tax deduc...
It's straightforward to get out of an investment in stocks but not so easy or straightforward when it comes to real estate. If you own real estate and REALLY need to get out, here are 7 ways to make it happen.
[Editor's Note: This is a guest post from Bill Pacquin, who describes himself as a patient care advocate and the CEO of a healthcare publisher called Vertical Health which produces Spine Universe and...
Q. I am trying to get some information regarding retirement withdrawal for myself and my parents. My parents are still working. They have a 401K and my dad will also have a pension. My wife and I ar...
For most of us, when we buy our first house, having a mortgage or not isn't really a decision we have to make. Few Americans, even high-income professionals, can afford to pay cash for a house. In f...
As regular readers know, I have a home-based business, this blog. This last year I had a significant amount of income from it, and I try to reduce my taxable income as much as possible by finding leg...
By Dr. James M. Dahle, WCI Founder Mitt Romney took a lot of flack in the last election because his tax bill was only 14.1% of his income (despite the fact that he paid millions of dollars in taxes.) ...
There is a lot of talk in the media about tax policy. Unfortunately, no one seems able to make any kind of dispassionate statement or argument about it. One side keeps talking about "fairness" and t...
If there is anything I like less than taxes, it is stealth taxes. One such stealth tax was first instituted in 1990 under the direction of Congressman Donald Pease of Ohio. Remember this was during...
I use tax software to do my taxes each year because it makes it faster, easier, and more accurate than filling out the forms on my own. I prefer the Turbotax Basic Edition, but it isn't necessarily a...
[Editor's Note: This is a guest post from Tom Martin, CFP®, CPWA®, AIF® and Eric Meyer. Tom is one of the authors of Doctors Eyes Only and an executive with Larson Financial Group LLC. He has guest...
Q. What has changed now that Congress has averted the fiscal cliff? A. Now that the wrangling over the fiscal cliff is finally over, let's sort out exactly what happened and how it will affect doctors...