ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 156: The 4 Tax Hacks Every ER Doc Should Be Using

There’s a saying that goes, “It’s not what you earn, it’s what you get to keep.” This couldn’t be more true for ER docs – especially those with multiple income sources and self-employment income. Now picture being able to save a month’s worth of shifts in taxes every year. Pretty great, right? Fortunately, that could be a reality if four specific categories of tax savings are adhered to and maximized.

On today’s episode, we’ll go over these four “tax hacks” and discuss the various opportunities present within each.

    

Topics Discussed:   
  • How the IRS is shifting resources after the Inflation Reduction Act—and what it means for you.
  • The reality of the new IRS agent hires.
  • How AI may change the amount of returns that are flagged.
  • What the IRS tends to focus on and what they’re looking for.
  • The legal gray areas in the tax code and the job of a competent tax preparer.
  • Why you need to understand your tax classification.
  • One of the biggest misconceptions we see about setting up an entity.
  • What you need to understand about deductions.
  • The tax credits that you should know about.
  • The importance of timing strategies.

Resources Mentioned:

Tags

tax hacks, tax savings, IRS agents, IRS audits, tax audits, deductions, ER doctors, coverage, ER docs, emergency doctor, financial planning,