#141 How Can Doctors Save in a More Tax-Efficient Way as Tax Season Approaches?

CAUTION: Tax season is quickly approaching. We know that it can be shocking to see a huge or unexpected tax bill, and this time of year, it seems like everyone is advertising a way to save. How can physicians like you know if these methods are legit or a good idea? Nate Reineke and Chelsea Jones break down some of the ways you may be able to save on taxes throughout the year and what accounts could offer you tax savings. We also talk about ways you could lower your “lifetime tax bill.” We also answer your colleagues' questions. A Cardiologist in Oregon says, “As I approach my retirement date, what should I be doing to optimize my taxes for the near future?” Another cardiologist in Oregon asks, “I am retiring next year, and we plan to downsize. If we have to buy the smaller house before our current house sells, should we liquidate part of our portfolio to pay for it/ have a sizable down payment?” An Orthopedic surgeon in Illinois was just reading a story that, in the future, catch-up contributions to our 401(k) will have to be put into a Roth. They are pretty sure their company does not offer a Roth. In the event that their company does not offer a Roth, can they just put those into my Betterment Roth? A Family Med doctor in California is having trouble with their CPA. They ask, “Should I just do my own taxes, or do I need a tax professional?” Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It’s time to make a plan and get on track. To find out if we’re a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures