ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 06: Biden Tax Changes for ER Docs

Everyone is allergic to taxes. Most don’t understand it or care to understand it. But with 100% certainty, everybody wants to pay as little as legally possible. To achieve this, you have to plan for all the opportunities that will, or may, present themselves before April 15. In this episode, we discuss how the proposed tax changes under a Biden Presidency might impact ER Docs.

Listen in as we elaborate on Biden’s tax proposals (if the Democrats can execute it) and explain the importance of strategizing with your taxes. You’ll learn the advantages of working with an S corp versus a C corp, what the increase in the estate tax rate means, and—most importantly—why you should get your tax game in order!

Topics Discussed:
  • What Biden’s proposed tax plan would mean for ER Docs.
  • The importance of not winging your taxes.
  • New S corp versus C corp analysis under the Biden changes.
  • What a QBI deduction is.
  • The increase in the estate tax rate and what that entails.
  • What itemized deductions are.
Tags

financial plan, ER, ER doctor, physicians, Finances, Jonny McMullen, Scott Wisniewski, Taxes, Biden, Tax Proposals, Estate Taxes

by 
Scott Wisniewski, EA