EP 133: Athletes & ER Doctors: Crossing State Goal Lines with Their Income

If you’re an ER doc working in another state from the one you reside in, it’s probably for a much better paying job or opportunity. Then consider what we already know: taxes and finances for ER docs are complex. When you layer on top of that multi-state returns, multi-state taxes, even multi-locality taxes, among so much more, ER docs quickly get up there as being one of the most complex professions when it comes to taxation.

In this episode, we’ll get into why ER docs are similar to athletes in this regard and all the things to be aware of when you venture out of your state to earn an income.

Topics Discussed:     
  • How professional athletes deal with multi-state taxes.
  • The background on out-of-state tax rules and the "Jock Tax".
  • The potential drawbacks to state income tax and which states make the most.
  • Why more ER docs are going out of state for income opportunities.
  • What to do if you're earning income out of state and handling taxes on your own.
  • What people are most surprised about when it comes to out-of-state taxes.

Resources Mentioned:

Tags

ER doctor, emergency medicine, emergency doctor, ER, financial planning, tax planning, out of state earnings, state taxes