Topics include quarterly estimated tax payments, tax loss harvesting, travel expenses, residency challenges, and group health insurance. The discussion emphasizes not letting tax drive investment decisions and navigating complex financial situations.
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Quarterly Tax Payments Advice
Quarterly estimated tax payments are a guess, so focus on having the money ready rather than exact calculations.
Being within a few thousand dollars in estimate means you have done well; don’t stress penalties as they are just interest on late payments.
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Tax Implications of W-9 Reimbursements
Filling out a W-9 for travel reimbursement usually means the payment is taxable income.
Expect to report those reimbursed interview expenses as taxable, even though it feels unusual.
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Tax Loss Harvesting & Solo 401k Tips
Tax loss harvest when the market drops, not just at year-end, using substitute ETFs to avoid wash-sale rules.
Opening a Solo 401k is not worth it for a side gig making a couple thousand dollars.
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Today we are answering your questions from the speak pipe. We discuss quarterly estimated payments and the safe harbor rule. We cover tax loss harvesting and not letting the tax tail wag the investment dog and if you should ever change your asset allocation for potential tax savings. We talk about travel expenses and tax implications that come with that, reducing adjusted gross income and what to do when you do not couple match into residency. Those questions and more in this episode!
Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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