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White Coat Investor Podcast
WCI #360: Student Loans and Filing Your Taxes
Mar 28, 2024
This podcast discusses tricky student loan questions in relation to taxes, filing taxes in med school, being married on the PSLF track, and the SAVE plan. It also touches on locum tenens as a career solution for healthcare professionals and the importance of seeking professional financial advice.
47:49
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Quick takeaways
- Utilize pass-through entity tax (P-TET) in states like California to deduct state taxes through businesses, benefiting from tax deductions.
- Avoid using credit cards to pay taxes due to high fees (around 1.82% to 1.98%), which can outweigh rewards gained, seek more cost-effective payment options.
Deep dives
Using Business Deduction for State Taxes in Pass-Through Entities
As a business owner in states like California, pass-through entity tax (P-TET) allows paying state taxes through the business. This tax-deductible expense benefits business owners who want to circumvent the $10,000 cap on state tax deductions. By utilizing this strategy, business owners can deduct state taxes through their businesses, thus enhancing tax benefits.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode