What are some common New Year resolutions for your finances? How can you improve your finances?

In financial planning, figuring out what we want can be a difficult task. Deciding what we like may feel like we limit our possibilities. If we choose one path and lean in to that path, we may close the door on other opportunities.

While tax planning with W-2 income is limited, there are still steps you can take to maximize your tax deductions. For those who take the standard deduction most years, but almost get enough expenses to itemize, here's a quick way to plan ahead to get the most out of your charitable contributions.

If a tree falls in the forest, but no one hears it, does it make a sound? If plans are created, and no one knows about them, do the plans exist? Here, we chat about what aspects of a financial plan should be discussed and how to discuss them.

What is a buy/sell agreement and when does it become important? If you own a business or run a practice with other owner/partners, a buy/sell agreement can protect your practice against unwanted changes of ownership. Additionally, if you own your own practice, you may be responsible for buying shares in a practice when a partner unexpectedly cannot work any longer due to death, disability, bankruptcy, or divorce.

First of all, what is an LLC? Do physicians need an LLC or a PLLC? Learn why a physician might want to create an LLC or a PLLC (and what's the difference?), and how would an LLC be beneficial?

Our financial lives can be as simple or complex as we make them; however, there is a balance of the simple and the complicated that might make our financial plan more effective. Is there a planning opportunity we're missing by being too simplistic? If our financial plan is too complicated, is it sustainable? Utilizing professional guidance from financial advisors, attorneys, and accountants may enable you to use a sort of professional capacity to hold the complexity balance you need.

Money can undoubtedly stir emotions. Your initial memories and experiences with money can create a lasting impression on your money habits, which ultimately can play a part on determining your legacy. Were your first money experiences good or bad? Was money a sore subject in your youth? Uncovering and labeling these experiences may help you understand why money is emotional to you.

Many physicians receive a bonus when signing employment contracts. These bonuses can be nice additions to a new job; however, where there is income, taxes exist. Learn about the most popular forms of physician signing bonuses and how they impact your income tax. You may not be able to change your signing bonus, but you can plan for it!

Too often the conversations about life insurance are geared toward how much insurance to purchase. This conversation focuses on when to consider life insurance purchases and changes. What do you look for when you look at your own policies? Easy ways to make sure your insurance policies are up to date.