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Welcome to the blog!
A repository of articles about things doctors didn't learn in medical school, covering side gigs, finances, the business of medicine, life in medicine, and more. These resources are intended to take a deeper dive into specific topics referenced in our educational pages.
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Your Medical Building and Taxes: Strategy, Cost Segregation, and More
How physicians can coordinate cost segregation, passive activity grouping, & depreciation planning for practice real estate to get usable deductions & tax advantages
Transitioning from W2 to 1099 - What Physicians Should Do Before the First Payment Hits
Moving from W-2 to 1099 work? Learn the steps to set up your entity, banking, and tax reserve before your first payment arrives.
Potential Tax Benefits of a Small Side Gig (and Whether They’re Worth It for W2 Physicians)
Potential tax benefits of a small 1099 side gig that may make it worth it to claim deductions you would not otherwise be eligible for with your W2 physician income
How to Choose the Right Payroll Company
Learn what physicians should consider when choosing a payroll company for their private practice or side business, accounting for ease, flexibility, & future growth
How Are Sign-On Bonuses Taxed?
How sign on bonuses are taxed, why your bonus paycheck may be smaller than expected, how withholding is different for signing bonuses, & how to strategize timing
Choosing Which State’s 529 Plan is Best To Use
Choosing which state’s 529 is best to invest in for your situation, & how to pick based on tax benefits, flexibility, fees, investment options, restrictions, & perks
What Is the Difference Between a ‘Regular’ CPA vs a Dedicated Tax Strategist?
Differences between the roles of a tax strategist vs a regular CPA, areas of overlap, & which is more appropriate for your situation based on needs, costs, & ROI
Would I Benefit From Using a Tax Strategist?
How to determine whether the benefits of using a tax strategist over a regular accountant are worth it for high-income earners like physicians based on the situation
Should I Hire My Spouse and Pay Them from My Business or Side Gig Income?
Why hiring your spouse from your business or side income may not make sense, why it is unlikely to decrease how much you pay in taxes, and retirement considerations
Donor Advised Funds for Charitable Giving: Pros, Cons, Taxes, and More
Why using a donor advised fund for your charitable giving may be tax-advantaged, how to set up & maintain one, related rules, & how it differs from a foundation
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