Whenever our clients are expecting their first child, they often come to me wondering what impact this will have on their taxes. As with most things in the tax world, the answer is, “It depends.” There are a few tax items that this little bundle of joy will impact, but much of that has to do with your income level and other aspects of your specific situation. Continue reading
Moving on up! Should We Become Landlords?
A recent, true-life client situation is the inspiration for this month’s post. Dr. Tony* and his wife, Sam*, had just made a bid on their “forever” home in California. We had prepared a plan scenario to determine the amount of home they could reasonably afford given their long-term goals and projected income and savings. After some expected haggling, they emailed to tell me their bid had been Continue reading
Are you house-poor? A case study
“I think we are house-poor,” said Greta*, a physician client who lives with her husband, Zeke*, on Long Island. We were only part-way through developing their IFP (Initial Foundation Plan) so I didn’t yet have a grasp on whether this statement was simply a feeling or based on difficulties with their cash flow and the inability to reach Continue reading
How to Get to Financial Independence (FI)
A client and I were meeting recently and were going over her plans for a radical change in her work habits. She’s a fairly new attending (less than 5 years out) and plans to cut back by 50% in 10 years and then retire when her youngest starts college. And she wants the same for her husband, who is not a physician and makes about 1/3 of her salary. As we put together a plan to make this happen, she made a comment that struck me: Continue reading
Ideas for Doing Finances as a Couple [VIDEO]
It’s a rare couple that is in 100% agreement on spending. But you need to be able to find some common ground, especially if you are planning for early FI. Ben has some tips to help you pull in the same direction when you’re discussing money! Continue reading
Should you co-sign?
Maybe you should “Just say no” the next time a friend or family member asks if you will Continue reading
Can a remote planner work in my state?
I just received an email with some general questions that ended with: “I have seen your advertisements and posts on WCI and do plan to use your services, if they can be used in Texas.” As I was responding, I realized Continue reading
How to deduct the cost of raising your child
From diapers to private schools, children are expensive, as a recent thread on White Coat Investor illustrates. The dependency exemption is no help, as it phases out to zero for Continue reading
Tax Tips During Divorce
Divorce is never a pleasant topic unless you’re a family law attorney. And paying extra taxes because you didn’t get good or timely advice adds insult to injury.
Here are some points to consider before you start divvying up the silverware: Continue reading
Should I pay Nanny Taxes?
Employing a nanny, housekeeper, or gardener to work for you presents you with a unique Continue reading