Donating cash is great, but you get more bang for your buck by donating appreciated stock or other investments that have risen in value. Donating appreciated stock has powerful tax benefits: Save income tax. Avoid capital gains tax now. Avoid capital gains later. Save...
You know how much your disability insurance will pay (or do you?) But is your disability insurance taxable? Here's how to tell. Is Your Disability Insurance Taxable? Your disability insurance is: Taxable if you didn't pay tax on the premiums. Tax-free if you paid tax...
What is an HSA? A Health Savings Account (HSA) is a powerful tool to save on medical expenses. You deduct your contributions on your tax return, and pay medical expenses tax-free. Background HSAs were first available way back in 2004. They were little-used for many...
A lot of people think they’re getting a tax benefit from their charitable donations. Under current tax law, many of them aren’t! Bunching multiple years of planned donations into one tax year can solve this problem. Why many people get no tax benefit from donations...
When can you withdraw from your 401(k)? This is really a three-part question: When can you withdraw? What tax will you owe? What penalty will you owe? When can you withdraw from your 401(k)? First, let's take a step back and look at different retirement accounts you...
A donor-advised fund (DAF) is a charitable investment account that is owned by a 501(c)(3) nonprofit, but controlled by you. This article reviews 5 benefits of a donor-advised fund. 5 Benefits of a Donor-Advised Fund Benefit #1: Get an immediate tax deduction A key...
Taxes are the largest single expense for retirees. You can lose anywhere from 0% to 50% of your retirement assets to taxes. This post explains how to pay lower taxes in retirement. What is tax diversification There are multiple different types of accounts that...
This is a comprehensive resource guide covering all the key areas of financial planning for emergency physicians. This post, and all of ER Doc Finance, is dedicated to helping you cut through the noise. Most of our articles can be read in less than 5 minutes. Don't be...
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