ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 164: 2024 Tax Brackets are Released: How Much More (or Less) Will You Pay?

It’s common to think tax brackets are fixed and only change or adjust when voted on – typically under new legislation. While this is somewhat true, what’s overlooked is within that voting there are year-to-year updates that are cooked in based on various factors. And once enacted, these changes can harm or benefit you. Either way, they sneak up similar to the way price changes at the grocery store or the gas pump do.

On today’s episode, we’ll talk about the hard number changes to tax brackets, give examples of hypothetical ER docs and the corresponding tax changes, and even get into an interesting way of using tax brackets as a framework for lifestyle. The takeaway is: knowing the numbers, or leaning on someone who does, can have a massive impact on wealth building.    

Topics Discussed:   
  • How tax brackets can be changed when we don’t expect it.
  • The new 2024 tax brackets and how they work.
  • How the tax bracket changes may affect ER docs.
  • How you can use tax brackets as a framework for lifestyle.
  • The importance of understanding the numbers (or at least working with someone who does).

Resources Mentioned:

Tags

tax bracket, tax bracket planning, tax bracket changes, 2024 tax brackets, ER doctors, ER docs, emergency doctor, financial planning, financial plan,

by 
Scott Wisniewski, EA