Being a doctor comes with a lot of stressors, but planning for taxes should not be one of them. As a doctor, you have been through years of hard work and may be looking for ways to help limit your tax liability and preserve as much of your hard-earned income as possible. Below are some tax strategies that doctors may find useful to help minimize their tax liability. Contribute More to Your Retirement Account Contributions A great way to limit your tax liability while also giving your retirement savings a boost is by contributing the maximum annual amount to any ...

One of the more difficult conversations for family members to have is talking about estate planning. There are several reasons for this, including the reality of our own mortality and that of our loved ones. In some families, it is an unspoken taboo to talk about money. Many parents don’t want their children to know how much they have or how much their children will receive after they die for fear the kids may become lazy or entitled or that they won’t understand their parent’s intentions for their estate. And so, no effort is made to create meaningful and beneficial ...

Investing can be a roller coaster—and, when the market starts dropping, it may even feel more like a haunted house. With recession fears mounting, what can investors do to stay the course and escape unscathed? Here we discuss five tricks to help you navigate a scary stock market. Anticipate and Avoid Surprises If it has been a while since you reviewed your portfolio or evaluated whether your asset allocations are still in line with your investment goals, now may be a good time. Everyone’s risk tolerance is different, and if wild market swings make you nervous enough to want to cash ...

In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of 2022, which was passed in late 2022. In the meantime, the IRS has issued interim RMD relief and guidance for 2023. Final RMD regulations, when issued, will not apply before 2024. Relief with respect to change in RMD age to 73 The RMD age is ...