Tax-Smart Strategies for Doctors: An Introduction to Tax-Loss Harvesting

Tax-loss harvesting is a sophisticated investing strategy that can turn market dips into tax deductions.

Navigating Markets During an Election: A Data-Driven Perspective for Doctors

As we approach the final stretch of the election, economic uncertainty is top of mind for many high-income earners, especially doctors. This market uncertainty coupled with potential tax rate hikes can add stress to an already demanding life. With headlines stirring emotions, it’s natural to wonder how the presidential election might impact your financial future.

A Guide to Insurance for Doctors

Insurance for doctors is crucial for protecting against the various risks, not only inherent in medical practice but also in life. Aside from health and malpractice insurance, doctors can benefit from other policies that protect their wealth and business interests when things go wrong.

Spending Framework for Doctors

Conventional approaches to budgeting may not always suit doctors’ financial situations. This guide presents a practical approach to managing your money, allowing you to prioritize spending on necessities, luxury indulgences, and investments.

Financial Rules of Thumb for Doctors

Financial rules of thumb are popular and generally act as a quick framework or general guideline. They can be a helpful shorthand and some have been derived from historical and collective wisdom that have stood the test of time. Earned has compiled popular and relevant ones below; we also break down how they are particularly relevant for doctors.

Navigating Finances Through Physician Burnout

Physician burnout—characterized by physical, mental, and emotional exhaustion as well as depersonalization and low self-efficacy—has been on the rise for several years, bringing with it significant personal and financial consequences for providers.

Physicians Making Over $200,000: Watch Out for These Phase Outs and Additional Taxes

The tax code is more complex than simply applying a set of tax rates to your taxable income. As your income increases, various additional taxes, phase outs of deductions, and reductions in tax credits come into play, significantly impacting your overall tax liability.

Is Your Marginal Tax Rate Being Distorted by Phase Outs?

As your taxable income increases, certain deductions and credits start to phase out and gradually get reduced, often down to zero. There are even new taxes levied on you, including the net investment income tax and additional Medicare tax. As a result, it’s important to understand whether you are approaching or exceeding certain income thresholds to determine whether there are any tax strategies available to you.

What the FTC’s New Ruling on Non-Competes Means For Physicians

The FTC issued a final ruling in April 2024 that bans employers from forcing employees into non-compete arrangements as part of an employment contract.

How to Use Your Tax Return to Identify Potential Investment and After-Tax Opportunities

Did you know your tax return, Form 1040, tells a story about how to potentially improve your investment strategy and increase after-tax wealth? In this article we will walk you through how to interpret your tax return to identify opportunities that you may not have considered.

How Physicians Can Leverage Deductions in 1099 Work

Many physicians engage in work where they are paid as a contractor rather than as an employee. Their income is reported to them on a Form 1099 and this type of work is often referred to as “1099” or “1099 contractor work.”

The Physician's Practical Guide to Real Estate Investing

Real estate is a popular investment vehicle for physicians because it's a way to generate passive income, diversify your investments, and help protect against inflation. You've likely heard about it from colleagues or read about it on medical blogs. Investing money in real estate can be a smart wealth-building avenue for physicians, provided you do your due diligence.

8 Steps to Better Protect Your Financial Information

National Public Data recently confirmed a massive data breach that compromised the Social Security numbers, names, addresses, email addresses, and phone numbers of 2.9 billion individuals. As a healthcare professional, you understand the critical importance of protecting sensitive information. This breach highlights the urgent need for proactive measures to secure your financial data.

Tax Minimization Strategies for Plastic Surgeons

In this article, we created a hypothetical case study to show tax minimization strategies for plastic surgeon practice owners. By roughly employing a handful of key optimization tactics, the plastic surgeon in this hypothetical illustration reduced their taxable income by ~$250,000, which led to ~$136,000 less in taxes paid.

Practical Tax Advice for Everyday Financial Management

As physicians file their income tax returns, many will have checked the box on standard and well known ways to reduce their tax bill, including maximizing retirement contributions, itemizing deductions, and optimizing health care benefits like HSAs and FSAs.  However, as physicians go about their daily lives, sometimes there are tax exemptions and tips associated with ordinary actions that they may not be aware of. 

Navigating the World of Financial Advice

When it comes to doctors’ wealth, there’s a whole world of advisors vying for your attention. Understanding the different types of financial professionals and the value they offer can help you cut through the noise.

I’ve Maxed Out My 401k, What Should I Do Next?

Once a doctor has maxed out their 401k contributions, there are several financial steps they can prioritize.

4 Practical Real Estate Investment Strategies for Physicians

There's no doubt real estate is a popular investment strategy for high-earning physicians – it is often a solid way to diversify your investments, save more for retirement, protect against inflation, and potentially enjoy some tax benefits. 

Tax Minimization Strategies for Physicians: a Side-by-Side Comparison

In today’s world, physicians are often inundated with financial advice, tips, and anecdotes. While certain practices such as taking on side income (e.g., locum tenens) or maximizing retirement contributions have become standard knowledge, it’s not often that physicians can readily see how all these various actions concretely impact their bottom line.

Loan Forgiveness Eligibility Now Available For California and Texas Physicians

Due to a recent rule change by the US Department of Education, physicians in California and Texas are now able to apply for public service loan forgiveness (PSLF). Earned explains how this change opens up loan forgiveness options for physicians in these two states.

3 New Year's Financial Tasks For Physicians

January is a good time to figure out finances for the rest of the year, and maybe the next decade or more. Tax documents arrive, and with them, opportunities to see what adjustments you wish you’d made last year and can make now. It’s also a good time to figure out what you want 2024 to look like. Vacations? Changing jobs? Taking on locum tenens work? Starting a new practice? Buying out a partner? Charity work? All of those things involve money.

Check These 3 Things Before Year-End

The end of the year can be a hectic time and likely the last thing you will want to do is take on another to-do list. That said, however, there are a handful of things that may be worth your time. Earned has compiled 3 things to check before year-end; these items are time-sensitive and may potentially lead to savings.

Beyond 401(k) or 403(b) Plans - What Extra Retirement Benefits Do Top Hospitals Offer?

In the diverse landscape of healthcare systems, employees typically receive retirement benefits, often in the form of standard 401(k) or 403(b) plans with employer matching. Some healthcare institutions distinguish themselves by going beyond these basics, providing physicians with additional retirement benefits to bolster their financial security.

1099 vs. W-2 Physicians: Differences, Pros and Cons

The 1099 vs. W-2 tax classification designates someone as an independent contractor or employee in the workplace. There are pros and cons to each type of designation.

2024 UC Retirement Plan Choices - What You Need to Know

If you are joining the University of California hospital system, or if you’re taking this opportunity to re-evaluate the choices you made last year, Earned Wealth has broken down the retirement plan options available to you during open enrollment.

Report: Only 17% of Eligible Workers are Saving Money in Their Roth 401(k)

While more and more employers are offering the after-tax savings accounts to their employees, workers have been slow to incorporate them into their retirement plans. However, many savers — physicians included — could greatly benefit from doing so.

How Physicians can Avoid Leaving Heirs a Giant Tax Bill

According to a rule instituted in 2020, non-spousal beneficiaries of retirement accounts now must draw down those savings within 10 years — often leaving them with a sizable tax bill. Below, we’ll take a look at what high earners are doing to amend their estate plans and what physicians should consider when leaving money to their children and grandchildren.

The Changing Landscape of Physician Noncompete Agreements

Industry experts estimate that at least 37% of American physicians have signed noncompete agreements as part of their employment. While these agreements have typically forced doctors to relocate when taking a new job, a wave of new legislation is poised to change how physicians navigate the industry.

Report: Multi-family Real Estate Investors About to Hit Turbulence

And what this means for physician investors

New Roth 401(k) Requirement for High Earners Delayed Until 2026

The IRS has announced a two-year reprieve for high earners 50 and older who would've been subject to new retirement saving rules next year. Now slated for 2026, the new law requires these savers to make "catch-up" contributions on an after-tax basis to employee-provided Roth 401(k) accounts.

Report: Professional Fulfillment among Physicians Trending Downward

Nearly half of working physicians are unsure if they would decide to practice medicine again if given the choice.

Why Every Physician Should Consider Disability Insurance

Disability insurance, also referred to as disability income protection, provides a monthly predetermined replacement income should you find yourself unable to work or generate an income

How Physicians Can Improve Their Credit Scores

We share a handful of strategies that can have a huge impact on improving your credit score, paving the way for a more secure financial future.

Do Physicians Need Umbrella Insurance?

As a physician, it’s safe to say you experience risk differently than most professionals. Umbrella insurance helps cover non-occupation-related liability gaps in your insurance policies.

Should You Rent or Buy Your Home?

Rewarded by the IRS and encouraged by financial advisors, owning one’s home has long been celebrated as both the cornerstone of the American dream and the central pillar of lifelong financial security. But is it always the right option?

Why Residents Should Consider Disability Insurance

Earned Wealth's Chief Wealth Acceleration Officer shares how residents should think about disability income

How to Maximize Your Roth Savings as a Resident or Fellow

“Compound interest is the 8th wonder of the world. Those who understand it, earn it. Those who don’t, pay it.”

How Physicians Can Maximize Long-term Wealth‍ through Better Tax Management

Earned Wealth's Chief Wealth Acceleration Officer runs you through how physicians can maximize long-term wealth‍

Tax Smart Investing: Using Custom Indexing to Minimize the Impact of Taxes

As high earners, physicians typically pay a lot in taxes. Custom indexing and tax-smart technology can help reduce taxes and enable personalization of physician portfolios.

Key Dates for Planning Your Financial Health in 2023

As 2023 jumps into gear, you may be thinking about plans and goals for the coming year and beyond. Maybe your plans include financial planning, or maybe one of your goals is to take a look at your financial health and set yourself up for the future. Your financial health involves more than just yearly taxes and planning - the more you check up on it, the easier it is to follow your plan. Whether you're a self-employed physician or a physician employed at a healthcare organization, it’s important to follow a calendar to regularly check up on your financial health.

An Introduction to Estate Planning

Knowing where to start when planning your estate can be a daunting task. Depending on your career and life stage, how you plan your estate may look very different. Once you break it down, planning your estate doesn't have to be as complicated as you think.

What Physicians Should Know about the SECURE Act 2.0

We’ve analyzed the nearly 400 pages of the SECURE Act 2.0 to identify what may affect physicians most at different stages of their careers.

Life Insurance for Physicians

From student loans to owning a practice, and even lawsuits - physicians have specific needs for life insurance. Find out how to determine how much insurance you need and what type of policy is best for you.

Money Management for Doctors

Our goal at Earned is to provide the financial education and advisory that physicians deserve, so we’ve put together a list of the 5 main tips about money management for doctors, so you can learn what they are and how to plan around them.

Physician Career Changes and the NFL

What do physician career changes and NFL players have in common? Well, if it has to do with one person in particular, everything.

Important Tax Planning Information for 2023

Tax planning is a year-round process, but as Tax Day on April 18th approaches, it’s important to make sure you have the information you need to file correctly. Use this resource to review tax brackets, standard vs. itemized deductions, and other important information.

What to Look for in a Medical Malpractice Insurance Policy

Here are the main things you should take into account when searching for the right medical malpractice insurance policy.

Estate Planning for Doctors: A Checklist to Update or Start Your Own

Estate planning for doctors is a crucial aspect of financial planning, and it's never too early to get started.

Physician Retirement: 7 Signs You Are Ready

The majority of physicians plan to retire at age 68, much later than the average American. Why is physician retirement often delayed?

Benefits of a Fiduciary Financial Advisor for Physicians

Discover why partnering with a fiduciary financial advisor for physicians can provide numerous benefits for doctors seeking to manage their wealth effectively.

Combating Physician Pay Cuts and Burnout

Decreasing compensation, burnout, and pay parity challenges are just a few of the key findings in Doximity and Curative’s new 2023 Physician Compensation Report.

Physician Finances: A Prescription for Your Financial Health

The demands on physicians today can seem overwhelming. It's no secret that healthcare delivery is changing, and those changes are reflected in the state of physician finances every day.

Doctor Burnout is Still Soaring — Can Artificial Intelligence Help?

Study after study has confirmed that, even post-vaccine, burnout among physicians and other medical professionals is still prevalent. Now, institutions are looking at AI solutions from new startups to reduce administrative burdens and help reduce doctor burnout.

Are Physician Home Loans the Right Solution for You?

A physician home loan is a specialized mortgage designed to help physicians overcome the unique financial challenges they face early in their career.

Locum Tenens Physician: 3 Financial Pros and Cons

Locum Tenens physician work comes with its own set of financial pros and cons that doctors should carefully consider before accepting this kind of temporary employment.

Private Equity Acquisitions: What Physicians Need to Know

The growing wave of medical practice acquisitions by private companies like CVS and Amazon is currently disrupting the healthcare sector. Here’s what today’s physicians should know about the current trend of private equity acquisitions and what to consider if their own practice is ever approached for acquisition.

How to Do a Backdoor Roth: A Physician’s Guide

More and more high earners are using a retirement saving strategy called the Backdoor Roth. This strategy allows them to fund a Roth IRA account indirectly from other savings accounts. Keep reading to learn about how to do a Backdoor Roth.

Physician Early Retirement Considerations

Studies often cite career burnout as a driving factor for physician early retirement, but the reasons vary from doctor to doctor and the decision to walk away from full-time work is always a personal one.

Retirement Planning for Physicians: 5 Tips to Maximize Your Savings

It’s no secret that a growing number of doctors are nearing retirement age — with some surveys pointing at an average physician age of over 53. In many cases, physicians are waiting past the age of 65 to retire. That means that a significant number of active physicians need to get serious about retirement planning. Here are five tips to maximize your savings when considering retirement planning for physicians.

Real Estate Investing for Physicians: Pros, Cons, and Tips

As a physician seeking financial growth beyond the medical field, investing in real estate can be an enticing option. However, it is crucial to approach such investments with caution. Keep reading to learn about the pros and cons of real estate investing for physicians.

Physician Retirement Savings: 5 Strategies to Make It Last

There are several proven strategies that can help your physician retirement savings last longer to better ensure a comfortable retirement.