ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 188: How the Election Could Impact Your Taxes

Each and every year, the single largest expense an ER doc pays is their taxes. This means a large percentage of our professional careers is spent staying on top of current tax legislation and strategizing around ways to legally reduce taxes for our clients. We’ve all grown accustomed to the current tax code and laws, but things do change, and inevitably will change, by the end of the 2025.

On today’s episode, we discuss what changes will occur if nothing is done and what impacts those changes will have on high-income earning ER doctors.

Topics Discussed:   

  • Things that changed with the last big elections.
  • What might be expiring soon if not extended.
  • How the tax brackets may change.
  • What personal exemptions are and who they’re advantageous for.
  • How standard deductions have been affected.
  • How politicians weaponize the tax code and what we can learn from the last few elections.
  • Tax credits that may change and what to pay attention to.
  • How estate taxes could be changing.

Resources Mentioned:

Tags

Tax changes, tax breaks, politics and taxes, election year taxes, tax planning, financial planning, financial planner, emergency medicine, ER docs, emergency doctors

by 
Scott Wisniewski, EA