Here are three ways you can save taxes as a locums doc: keep good records, deduct all unreimbursed expenses, and maximize deductions related to self-employment. Keep Good Records Three reasons to keep good records: Capture all the deductions you’re entitled to. Reduce...
If you have a financial advisor, or are considering one, they should: Know taxes inside out. Be actively involved in your tax picture. MANY (if not most) financial advisors are neither. Below, we cover the tax expertise you should demand and the tax-related services...
Tax preparation must be done right, but it's less valuable than tax planning. This is because preparing your tax return just reports what already happened. You can do your own taxes or use an accountant. Below are comments on both routes. Bottom line: We recommend...
Many docs wait anxiously for their tax return to be done. They have no idea if they'll owe, or how much. If they owe a lot, they scramble to come up with the cash, then worry the same thing will happen next year. This is especially common for doctors who work locum...
The best accounts to leave to charity are pre-tax accounts like a Traditional IRA or 401(k). This is because your heirs would pay income tax on withdrawals, but the charity doesn't. Heirs/Charities vs. Uncle Sam Your money can only go three places: You can spend it....
The best accounts to leave to heirs are tax-free accounts (like a Roth IRA) and taxable accounts (non-retirement accounts). This is because your heirs pay no income tax on withdrawals. Heirs/Charities vs. Uncle Sam Your money can only go three places: You can spend...
Open a Roth IRA for your child as soon as she has her first job. Give her decades of tax-free growth, and teach her about money in the process. Why You Should Open A Roth IRA For Your Child Tax-Free Growth A Roth IRA is not taxed while it grows, and withdrawals in...
This post explains how to fund a Roth IRA for your child with cash income that is not reported to the IRS. Background Your child must have earned income that the IRS knows about to contribute to a Roth IRA. It's easiest to open a Roth IRA for your child when they have...
When you work locum tenens, taxes are more complex, but there's more opportunity too. Not to worry: We've done the research for you and compiled it here. This guide gives you the confidence to enjoy the flexibility and independence of locum tenens work. As a result,...
Here are three ways to prevent identity theft without much work. Use a password manager Many people use a few fairly weak passwords across all websites. If a hacker gets into your Netflix account, he tries the same password at your bank and your 401(k). The best...
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