We review hundreds of tax returns every year for newly onboarded clients. The majority of the time, we see missed opportunities that would have resulted in larger refunds. In some cases, we can amend to claim refunds. But in other cases, even if we can save the client some money, the workload involved in recreating returns from scratch makes it so it’s not worth pursuing. In that sense, it’s lost money that could have been avoided had it been prepared properly from the start.

On today’s episode, we’ll discuss yet another strategy that can exist for 1099 earner ER docs looking to maximize their refund. It’s just another example of why diligent and thorough tax planning adds up over time.

Are you aware of private equity’s involvement in emergency medicine? You may or may not have directly experienced their involvement, but if any of the following sound familiar, it very well could be the result of PE ownership: lack of flexibility internally to work more shifts; difficulty picking more desirable shifts; and/or less higher paying opportunities available.

The reason for this is similar to inflation. Take a company like Doritos. The way they combat inflation is by not only increasing prices, but by also decreasing the amount of chips per bag by 5%. Although it may seem inconsequential as a consumer, it adds up for the producer. The same thing exists for emergency medicine – things are getting smoothed out, but it can be difficult to notice. We’ll discuss that on today’s episode.

What does “retirement” really mean? We think it’s an overused buzzword that can mean so many things to so many people, but traditionally speaking, it refers to the age at which you stop working. On the surface this is a worthy pursuit; however, making this a focus or long-term goal may be jeopardizing more than you know.

In this episode we’ll discuss a risk everyone should be considering when thinking about retiring and hopefully shine light on why getting things together financially means so much more than “when am I going to stop working?”

Being an EP in and of itself puts you well beyond the average American when it comes to finances. But consider even that the finances of EPs differ from those of other physicians. And further, the finances of women EPs differ from male EPs. The more you drill into subsets, the greater the potential for anomalies. 

In this episode, we’ll look into the topic of American women's savings disparities and how women EPs may differ, the important things you should be considering regarding non-working spouses, and even go beyond the financial realm into planning for life decisions and goals in retirement.

People are too busy living to plan for their death, and why would you? It’s expensive, time-consuming, and it makes you plan for something nobody wants to think about – their own demise. The irony is, if you don’t plan, it’s likely to undo many of the things that made your life worth living in the first place.

In this episode, we’ll talk about the concept of advanced planning, what that entails, and the importance of establishing a plan, no matter your family dynamic and asset situation.

As an ER doc, you’re well aware of hospital emergency codes and the essential information they communicate. This got us thinking – can we draw parallels between medical codes found in your workplace and financial situations we find ER docs encounter outside of the workplace? 

In this episode, we’ll get into that along with the history of these codes and discuss the current usage of codes across the United States.

Balancing relaxation and recovery from irregular work schedules and family obligations is difficult enough for ER docs. Now throw in a considerably more complex tax situation than the average American, and it makes filing taxes correctly, timely, and without penalty, a difficult endeavor. The only way to achieve this, whether working with a preparer or not, is to have a process in place.

In this episode, we’ll discuss deadlines you need to know this year, the best way to ensure you don’t incur any penalties, and the risks associated with filing too early.

We are back with a continuation of our last episode on financial changes resulting from the SECURE Act 2.0. Where the last episode revolved around predominately Roth IRAs, this episode we’ll get into more contribution- and withdrawal-based topics that will be especially important for late-stage ER docs. 

Retirement planning is like a math equation with many problems to solve for: the age, amount, tax bracket, account type and performance of when you not only put money in, but when you pull money out all materially matter when it comes to your retirement. And these rules are the framework that sets the stage for how your money can look tomorrow, or years down the road.

The Secure Act 2.0 is now Law. The legislation provides a slew of changes that could help strengthen ER Doc’s financial readiness for retirement. That’s IF these changes are understood and capitalized on. So often we see missed opportunities within the finances of ER Docs and new additions only further complicate things.

On today’s episode, we’ll summarize some major (mostly) Roth-related changes found in this 4,000 page Secure Act 2.0 bill.

It’s no secret the demands of being an ER Doc. With that, it’s not going to be unusual or uncommon for there to be difficult days in the workplace.  To help manage that stress, cultivating hobbies and activities which bring enjoyment and fulfillment outside of work can be necessary to keep physicians from becoming patients themselves.

But what if these “hobbies” can yield tremendous tax savings on top of the mental perks? It’s something billionaires have been doing for years – can ER Docs do it too? We’ll discuss this and the common tax-advantaged ventures we see ER Docs partake in on today’s episode.