Delve into smart tax strategies just in time for tax season! Discover tips on tax loss harvesting and the ins and outs of 529 plans. Learn about the gift tax rules that might surprise you and understand the benefits of increased tax withholdings for retirees. Explore effective college funding strategies and how to optimize retirement savings with various accounts. Lastly, gain insights into managing 529 ownership changes and the best practices for financial education tailored for medical professionals.
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volunteer_activism ADVICE
When to Start 529 Plans
Do not start funding 529 plans before having kids or partners.
Save some money in 529s but prioritize retirement savings and other education funding pillars.
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Manage Tax Withholding Wisely
Increase tax withholdings rather than relying on quarterly estimated tax payments.
Keep tax money available to avoid penalties; overpaying results in free interest to the IRS.
volunteer_activism ADVICE
Maximize Home Office Deductions
Use the home office deduction via simplified or actual expense methods if business use is exclusive and regular.
Renting your home to your business 14 days/year under the Augusta rule can yield bigger tax breaks.
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With tax season just ended we have gotten a lot of questions about taxes. Today we are tackling those questions. We talk about tax loss harvesting, tax implications for changing your 529 beneficiary, gift tax rules, tax withholdings, the home office deduction and more.
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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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