Financial planners James Nutter and Jeff McPherson, alongside CPA Matt Barczak, dive deep into crucial tax deduction strategies for 1099 physicians. They explore vehicle deductions, employing family members, and maximizing retirement plan contributions. The session offers essential insights into effective financial planning, including the Augusta rule and optimizing Roth IRAs. Real-life scenarios and listener questions enhance the learning experience, making it a must-listen for physicians seeking to optimize their tax situation and financial health. Tune in for actionable advice and expert guidance tailored to the unique financial needs of medical professionals.

Timestamp

Summary

0:07

Physician Financial Wellness and 1099 Deduction Hacks

12:55

Maximizing Tax Deductions for 1099 Physicians

21:01

Implementing Tax Deductions and Financial Planning Strategies

25:02

Tax Deductions for Vehicles and Commuting Expenses

29:24

Tax Strategies for Business and Personal Vehicle Leasing

32:26

Tax Benefits and Strategies for Employing Family Members

39:56

Creative Ways to Justify Family Payments in Business

42:41

Optimizing Dual-Income Family Retirement and Tax Strategies

47:04

Maximizing 1099 Income Through Solo 401K and SEP Accounts

55:40

Navigating Complex Retirement Account Strategies and Tax Implications

1:07:13

Tax Benefits of Renting Your Home for Business Meetings

1:09:22

Effective Strategies for Year-End Tax Deductions and Entity Structuring

Resources

Register for our upcoming physician homebuying masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

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Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

In this episode, we dive into the most pressing questions from our audience about medical compensation trends, including regional comparisons between anesthesiologists and CRNAs, the impact of inflation on RVUs, and the benefits of including annual salary increases. Join us as we provide concise answers and insights into how various medical specialties are navigating these challenges.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

Join Doug Crouse on the Mortgage Minute as he discusses how he can connect you with the right resources for business loans, car loans, and home equity lines of credit. While not directly related to mortgage services, Doug is here to point you to the experts at BMO who can help with your financial needs. Plus, get details on how to receive a free copy of his book, "The Hippocratic House.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing [email protected]. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

In this episode of Mortgage Minute, Doug from BMO Bank clarifies common misconceptions about doctor loans, including the possibility of having multiple loans, equity requirements, and how different banks, like BMO, handle these loans for physicians. He also addresses rules for buying second homes and investment properties with doctor loans.

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing [email protected]. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

Many physicians are now using AI medical scribes to take notes during appointments. It allows doctors to truly interact with their patients while at the same time making them more efficient and notes more detailed.   Freed founder Erez Druk and his wife Dr. Gabi Meckler join us today to talk about the inspiration for Freed, how it works, the cost for using the technology and new innovations currently being developed for future iterations of the software.   If you are interested in trying Freed, you can do a free trial and if you like it you can get a discount of $50 for the first month just for being a Financial Residency podcast listener by using the code FR2024. Go to www.Freed.ai to learn more.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

This week on Mortgage Minute, Doug Crouse from BMO Bank explains the difference between par, premium, and discount mortgage rates. Learn how paying discount points can affect your interest rate, the benefits of lender credits, and tips for deciding which option is best for you. Tune in for expert advice on navigating your mortgage rate choices!

Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing [email protected]. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com. 

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Jon discusses how to maximize vacation time and navigate employer leave policies. He covers the nuances of paid and unpaid leave, the impact of burnout, and how to handle PTO rollover, accrual, and payout. 

Jon emphasizes the importance of understanding your employer's vacation policies and negotiating for the best terms in your physician contract.

Jon invites individuals to contact Contract Diagnostics through phone, chat, or email for personalized assistance, visit www.ContractDiagnostics.com

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

In this episode of "A Life Well Lived: A Physician's Guide to Wealth," James Nutter emphasizes the importance of time and how it is the most valuable resource we have. He shares an exercise he does every year to audit his time and evaluate how he spent it. 

By categorizing things to leave behind, people to leave behind, things to bring forward, and the best moments and people of the previous year, he is able to prioritize joy and fulfillment in his life. Nutter encourages listeners to schedule time to do this exercise and experience the rewards of intentional time management.

• Time is the most valuable asset we have, and unlike money, it cannot be replenished once it's gone.

• An annual time audit can significantly enhance awareness of how time is spent and assist in making intentional decisions for future joy and productivity.

• Categorizing experiences into areas to continue or discontinue can lead to progressively more fulfilling years.

• The exercise includes a review of photos, calendars, and even financial statements to evaluate past activities and expenditures.

• Scheduling time and space to conduct such an audit is essential for gaining the most from the exercise.

Click here to access your free financial wellness 101 playbook

Register for our upcoming physician homebuying masterclass here

Resources

PSLF Hacks Checklist

Follow James Nutter

Book a free financial wellness diagnostic with James here

Instagram

Follow IM Wealth

www.imwealth.com

Youtube

Meaningful Journeys Scholarship

Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

James Nutter from IM Wealth navigates the "Life Well Lived" series, focusing on aligning your financial decisions with core values. Discover reflective exercises to imagine a fulfilling life, understand your identity beyond your profession, and set goals that truly resonate with who you are. 

Nutter delves into thought-provoking questions to help physicians build life plans supported by their careers. Reflect on purpose, impact, and ideal lifestyles to ensure your money and time are spent in harmony with your deepest values.

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com.

Welcome back to the Mortgage Minute with Doug Crouse from BMO Bank! In this episode, Doug shares essential tips on comparing lender offers effectively. He explains how to accurately compare interest rates and closing costs by either matching rates or costs between lenders. 

Doug also advises getting quotes on the same day to ensure accurate comparisons, as rates can fluctuate. Plus, don’t forget to reach out for a free copy of Doug’s book, The Hippocratic House, by emailing [email protected]. Tune in for more insightful mortgage advice! To learn more about Doug, go to  www.DougCrouse.com.