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
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
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
Small practices often have a lot of trouble competing for employees with large corporate entities, often because employee benefits are so expensive. Group health insurance can be especially expensive if you have even one employee in bad health or over a certain age in an otherwise young and healthy group of employees. Then, you have the problem that some employees are covered by their spouse’s plan and don’t even get to participate in that particular benefit. Sure, you can offer them a higher wage to make up for it, but then if another employee with more experience finds out, you’re likely to have a problem. So, what can you do? Continue reading
I can’t count how many discussions I’ve been involved in when clients/prospects/WCI forum readers have brought up the need to set up an LLC for their side hustle. Tax advisors seem to thrive on recommending clients use an LLC whenever a professional has a smidgeon of side income, but that may not be the correct choice. Continue reading
We searched our Vlog archives to unearth some hidden treasures. In this oldie but goodie, Johanna shares her personal success story on raising her sons to be financially independent.
It hasn’t all been success, though. In this video, Johanna refers to the post Money Mistakes I’ve Made, where she bares her soul to show that we all have a “history”.
If you’re interested in scheduling a free initial consult with us, click here (do not use the link listed in the video).
Have you been told that you can’t do a backdoor Roth IRA? It may not be as elusive as you originally thought. Check out Michelle’s vlog to see if these options fit you.
Also, read Johanna’s companion post How to Set-up a Backdoor Roth