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.
As of 3/31/19, there were 73,554 unique applications for Public Service Loan Forgiveness (PSLF). Can you guess how many of those were approved?
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
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
An HSA ((Health Savings Account) is one of the few tax benefits that did not change with TCJA 2017. Tax-wise, they are superior to 401k’s, IRAs, and Roth IRAs because you get a 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
Does anybody else remember David Letterman’s Stupid Dog Tricks? Watching these intelligent creatures doing dumb things they learned from their clever humans was great fun. While these CPA tricks may not achieve pop culture status, you should still 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