Backdoor Roth IRAs are a frequently-discussed topic on physician blogs and social media sites. But most conversations assume you understand basic investing concepts that many novice investors don’t. I’ve written this post as a reference guide for anyone who needs help with the mechanics on how to set up a backdoor Roth IRA. Continue reading
Bob Lewis explains what an IPS is and gives you some solid reasons for taking the time to create one for your family.
If you’re not working with a financial planner and want to get started on your own IPS, Physician On Fire has – it’s a good starting point for creating your own policy.
How to Improve Your Retirement Plan Choices with an SDBA
If you work for one of the 40% of employers that offer a self-directed brokerage account (SDBA) within their 401k plan, then you have access to what I believe is one of the best “secret” benefits of your retirement account. What is an SDBA and how can it apply to you? Continue reading
We are continually reviewing tax returns for prospective clients (and even for doc’s who occasionally reach out to me from the forum). Whether you are preparing your own tax return or using an outside preparer, it never hurts to have a second set of eyes take a look at it. But, since you may not have the luxury of having a family member who is a CPA, I’ve come up with a list of 10 easily-missed areas you should check on your own tax return: Continue reading
How often do you review your property insurance with your agent or get a second opinion? In this month’s Vlog, Michelle shares some tips to help save your money.
Tax season 2019 was an anomaly at Fox & Co. We could not live up to the 10-day turnaround we have always promised. We took on too many physicians as first-time clients. And we had a complete staffing change from 2018. As a result, I have received some complaints about our tax season service and responsiveness. In 35 years as a business owner, I have learned that for every client who complains, 10 more are either sucking it up or talking to someone who is not me. Continue reading
Tax season is over! After taking a few deep breaths and actually relaxing, I have come up with a top 10 list of things I learned from tax season. Continue reading
One of the most common questions we receive from solo business owners (doctors who either moonlight, have a side business, or are starting a business) is: which entity should I choose? Let’s look at the three most popular choices: Continue reading
In this month’s video, I explained what types of business meals are deductible. Since meals can be frequent and for small dollar amounts, I get more questions about tracking these receipts than any other expense. In the case of travel meals, an IRS rule allows you to throw those receipts all away. Instead of tracking and deducting each specific expense, you can deduct a per diem rate for your travel meals. Continue reading
It happens every year:
- Doctor is being paid by 1099 for extra shift work or locums.
- Doctor is covered for retirement at her day job – doesn’t know a 2nd plan may be an option.
- Doctor is looking for ways to reduce her income while filing her taxes.
- Doctor finds White Coat Investor – in July!
If a similar situation has happened to you, don’t despair! You can still fund a solo-k via the back door.
Here’s how: Continue reading