Your vehicle can be one of the most important, and most difficult, deductions to get right as a 1099 earner. Beyond the lease versus buy decision is another layer: the depreciation factor. With that comes a whole slew of considerations most tend to overlook. What car to buy? When to drive it over another vehicle? How often to drive? When is the right time to buy and place the vehicle in service? And of course, when is the right time to sell and what are the repercussions of that sale?

In this episode, we’ll paint broad brushstrokes on Section 179 and bonus depreciation while also honing in on the potential for tax deductions available for ER Docs when purchasing a vehicle.

The average American has it much easier than ER Docs when it comes to health insurance. For one, they are probably employed by a company not only offering options to choose from, but also assisting in paying the premiums for those options. Whereas many ER Docs are 1099 earners on their own when it comes to making selections and footing 100% of the bill for coverage. Additionally, the average American will likely work until age 65 where they will be eligible for Medicare coverage. ER Docs, on the other hand, tend to retire before that meaning they have to yet again navigate the waters of obtaining health insurance on their own.

With health insurance being one of the most individualized aspects of financial planning, in this episode we get into various aspects you should be considering this upcoming open enrollment to ensure you’re obtaining the right coverage. 

On this special anniversary episode, we take a dive in the responses to our free Vitals™ survey. We get into savings rates, East Coast vs West Coast comparisons, average mortgage and student loan balances for ER Docs, and so much more.

This will be a fun one. Just remember, while data can be valuable, every individual’s circumstances are different. Keep an open-mind and enjoy it for what it’s worth!

The IRS is a formidable force that shouldn’t be taken lightly.  So when you owe what are referred to as “back-taxes,” how those are handled is extremely important. Despite the plethora of options that the IRS gives to help taxpayers stay current with their taxes, all too often we find ER Docs are owing significant amounts from prior years. And back-taxes can have this almost quicksand like effect where you never feel like you can get back ahead once you get behind.

On today’s episode, we get into the “why” and “how” ER Docs find themselves in this position, what the various options are to get back to current, and how a detailed cash flow plan may be the only way to truly avoid a levy or garnishment situation.

There are tried and true building blocks to a financial plan – areas where if you at least hit those, you can achieve a large percentage of what is needed to reach your goals. The key thing is this: you have to hit all of them… and do so effectively. Because over-concentrating or under-concentrating in one or another will inevitably wreak havoc on the rest of your plan.

On today’s episode, we’ll present 5 “pillars” for becoming a Financial Wizard.

Retirement looks different for every ER Doc. Many plan to retire early. Others may reduce workload and extend their working years. Aligning retirement with a spouse is another common goal. Regardless of the way you retire, how you access your retirement savings should be a major point of interest, especially if you are being tax and investment allocation conscious.

The traditional way of pulling money out of pre-tax retirement accounts by selling positions then distributing the cash proceeds may not be the optimal strategy for many. Yet, it’s the way most people end up handling things. On today’s episode, we discuss a different way – one that is often overlooked or unknown.

One of Biden’s campaign pledges was to provide student loan relief. Well that day has appeared to come… at least to some degree. Based on the overview of Biden’s three-part plan, most ER Docs won’t benefit because of income that surpasses the thresholds. While that may be true in some cases, digging into the details presents potentially a different story.

On this episode, we get into how there is actually tremendous opportunity here for many ER Docs, even those with high income. So don’t rule yourself out just yet.

If you fail to plan, you plan to fail. That couldn’t be truer when it comes to imagining your retirement. ER Docs get so busy and caught up in the day-to-day grind that it can be difficult to find time to envision a reality, perhaps 10, 20, or 30 years away. But thinking about it and discussing it can actually provide comfort and motivation in the present.

On today’s episode, we’ll evaluate what “retirement” or “financial independence” means for different people and discuss why having a plan, even if that plan changes over time, is the best way to buffer yourself against all future uncertainties.

It’s important to remember: The IRS is your partner in everything you do. We know ER Docs already pay a lot in tax. The last thing you want is to get audited and potentially pay even more tax. So will the IRS hiring 87,000 new agents over the next 10 years mean more audits and potentially more tax paid in the coming years for ER Docs?

We’ll explore that question and take a look into the current state of the IRS in this episode.

There are several financial “rules of thumb.” Take not exceeding 28% of your gross pay on your mortgage payment or maintaining 6 months of spending as cash reserves, as examples. And while these may not be adequate for everyone, they can serve as a general guideline and promote action where otherwise action would not have been taken otherwise. In that sense, these guidelines carry positive influence.

In the same vein, on today’s episode we’ll discuss a principle that not only applies to personal finance, but bleeds into all aspects of life. It’s called the Pareto Effect.