WCI #435: Becoming a Millionaire by Reducing Your Taxes
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Sep 4, 2025
Explore practical strategies for tax reduction that can help you keep more of your hard-earned money. Learn about managing capital gains taxes and leveraging tax losses, particularly for retirees. Discover the benefits of investing early and diversifying as an aspiring anesthesiologist. Uncover the value of professional tax advice and how it can lead to significant returns. Plus, find tips on charitable giving to enhance tax efficiency while supporting your favorite causes.
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volunteer_activism ADVICE
Convert Training Accounts To Roth Early
Convert tax-deferred training accounts to Roth when you leave training if you can afford the tax bill in low-income years.
Avoid rolling those funds into a traditional IRA to preserve future backdoor Roth options.
volunteer_activism ADVICE
Use Tax-Loss Harvesting Strategically
Harvest losses in taxable accounts by selling and replacing with similar ETFs to create tax-loss carryforwards.
Use those losses to offset future capital gains, donate appreciated shares, or reduce taxable gains when spending in retirement.
insights INSIGHT
Losses Offset Gains More Than Ordinary Income
Capital loss carryforwards offset unlimited capital gains but only $3,000 per year of ordinary income.
That makes losses most powerful when used against large future capital gains events, not ordinary Roth conversion taxes.
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Today we are answering your tax questions and hopefully helping you learn how to hang on to more of your money by reducing your taxes where you can. We answer a few questions about capital gains taxes and Dr. Dahle explains how to limit those taxes but also reminds you, life is going well if this is something you are having to navigate. We answer a question about social security taxes, one about using tax losses in retirement and how to be tax efficient during your training years.
2025 is coming to a close, making now the perfect time to tighten your tax plan so you don’t overpay the IRS when 2026 tax season arrives. Cerebral Tax Advisors, the White Coat Investor-recommended firm trusted by physicians nationwide, uses court-tested, IRS-approved strategies to reduce personal and business taxes. Over the past 10 years, Cerebral clients have seen an average of 453.53% return on investment in their tax planning services. Founder and Lead Tax Strategist Alexis Gallati, author of 'Advanced Tax Planning for Medical Professionals', comes from a family of physicians and has over 20 years of experience in high-level tax planning strategies. To schedule a free consultation, visit https://cerebraltaxadvisors.com.
The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. 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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