Ortho Finance 10- Tax Deductions w/ Cecil Staton

Mar 17, 2024

Financial planner Cecil Staton discusses tax deductions, explaining marginal tax rates, taxable income, and reducing employment taxes. Uncover strategies for maximizing savings, retirement planning, and navigating Roth IRAs. Dive into the 20% QBI deduction, asset depreciation, and tax benefits for healthcare professionals. Gain insights on financial planning for early career professionals.

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Introduction

00:00 • 2min

Exploring Tax Deductions and Financial Planning

01:43 • 2min

Navigating Taxes and Financial Strategies for Medical Students and Residents

03:47 • 16min

Navigating Roth IRAs and Tax Deductions for Physicians

19:24 • 21min

Unlocking the 20% QBI Deduction

40:14 • 8min

Navigating Depreciation of Assets in Business: Cautionary Tales on Car Write-offs

48:08 • 2min

Navigating Tax Deductions for Student Loans and Healthcare Professionals

50:14 • 5min

Insightful Discussion on Tax Deductions and Financial Planning

55:01 • 2min

In today’s episode of the Ortho Finance series, we explore the topic: ‘Tax Deductions’ with our guest, Cecil Staton, as we uncover strategies that could potentially save you a lot of money.

Cecil Staton is a CERTIFIED FINANCIAL PLANNER™, committed to the highest standards of excellence and professionalism in the industry. After earning his bachelor’s degree in Financial Planning from the University of Georgia, he worked for several firms in Atlanta, GA. He now calls Athens, GA home.

Cecil started Arch Financial Planning to make a difference in people’s lives. He helps his clients pay down student loans, reduce taxes, invest smarter, and retire confidently on their terms.

Click here to learn more about Cecil Staton.

As we dive deep into the world of tax deductions, we break down the myths and mysteries of tax deductions, thereby helping you gain an understanding of tax deductions, which could potentially lead to unlocking significant savings and maximizing your financial well-being. In this episode, Cecil provides answers to pertinent questions you may have on tax deductions, like:

What is the marginal tax rate?
What is taxable income?
What is the alternative minimum tax?
What are some ways to decrease employment taxes?
What are some ways to decrease self employment taxes?
And many more!

This episode is sponsored by Lawrence B. Keller of Physician Financial Services.

Larry has been dealing with disability insurance and term life insurance for physicians, and other healthcare professionals, since 1990. In many cases, Larry has access to Guaranteed Standard Issue (GSI) disability insurance policies for Medical Resident and Fellows that does not require medical underwriting. To learn more or to have your existing policies reviewed, feel free to reach out to Larry at (516) 677-6211, by email to Lkeller@physicianfinancialservices.com or visitwww.physicianfinancialservices.com. While he might not be a doctor’s first phone call regarding their insurance needs, he is often their last.