ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 117: Turning Hobbies Into Tax Savings

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.

Topics Discussed:     
  • The value of hobbies to your health.
  • New things to try in the new year.
  • The HobbyLoss Rule and what you need to do to deduct hobbies.
  • Determining factors if an activity could be considered a business (even after not meeting profitability goals).
  • A particular tax case that gives an example of a hobby versus business.

Resources Mentioned:


pain points, ER doctors, financial issues, financial frustrations, spending, taxes, income sources