[This post starts a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]
Today’s case study is going to look at how marital status impacts the 199(A) deduction for physicians who earn their income as 1099 contractors. Continue reading
Financial planning includes financial education. We believe that, for optimal investment results, an investor should commit to a chosen portfolio allocation. We refer to this allocation as a “well diversified, balanced portfolio”. Rebalancing is the process of bringing your portfolio back to the original asset allocations you have set for it. Continue reading
In my last Doctor Dilemma, How Should You Allocate Savings?, I discussed a different kind of investment strategy: taxation of withdrawals. Because we recommend allocating ~1/3 of investable assets to Roth accounts, we are regularly asked how that is possible for a high-income professional. Continue reading
How do you rebalance your accounts? Don’t know how? Follow along as Michelle walks you through the steps we use when rebalancing client accounts in this month’s vlog, then try it yourself! Continue reading
In last year’s Tax Cuts and Jobs Act, Congress lowered the corporate tax rate from 35% to 21%. To level the playing field for pass-through businesses, they created a new deduction. The goal of this post is to explain the basics of this deduction, so that you can learn how it may apply in your situation. In upcoming posts, we will look at the details of some real cases to help you understand how the different elements of 199A may affect you. Continue reading
In this month’s video, I shared some strategies for getting organized with your tax records. One of the most common groups of clients that seem to have trouble getting and staying organized are those that have 1099 income. The main reason for this is that some additional deductions are now available to you. If you find yourself in that situation, I may have a solution for you. QuickBooks offers a couple of services that help you track your income and expenses. Continue reading
With back to school, fall sports schedules, and life in general, you might feel like you’re sitting in the middle of a merry-go-round and can’t get off. While we can’t help pack Susie’s lunch or take Billy to football practice, we can help you get your tax records organized.
She gives you some tips to help get your tax records organized now, and keep them organized, so that when year end rolls around, you can enjoy Christmas break with the kids instead of shuffling through paperwork for tax season.
If you live a reasonably balanced lifestyle, you will, at some point in your lives, find yourselves debt free, 529s funded and accumulating cash. As physicians, particularly in dual-doctor households, you can accomplish this 10 years or so out of Continue reading
Recently, a dual physician couple, held a debt planning meeting with me. They had various financial obligations and one spouse had just received a rather large bonus. This couple is not US-born and are not totally rooted in our customs. In their country of origin, however, debt is a big no-no. Continue reading
