Phil DeMuth, a Managing Director at Conservative Wealth Management and seasoned author, dives deep into strategies for reducing investment taxes. He shares insightful tips tailored for high-income earners, particularly doctors, often labeled as targets in the tax landscape. Topics include maximizing retirement accounts, ensuring qualified dividends, and leveraging tax loss harvesting. From the importance of real estate depreciation to smart charitable donations, DeMuth emphasizes practical tactics to enhance wealth while navigating complex tax regulations effectively.
01:15:36
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
volunteer_activism ADVICE
Stay Legal To Avoid IRS Trouble
Avoid shady tax shelters and offshore schemes; they risk heavy IRS penalties.
Follow tax law carefully to avoid costly legal battles and keep a low audit risk.
question_answer ANECDOTE
Zero Tax On $100K Capital Gains
A client reportedly paid zero tax on $100,000 capital gains due to deductions and standard exemption.
This intrigued Phil DeMuth to research complexities in capital gains taxation.
insights INSIGHT
All-In Tax Rate Is Extremely High
The all-inclusive tax rate can be very high, approaching 90%, considering all taxes combined.
This demonstrates the complexity and burden of total taxation beyond just income tax.
Get the Snipd Podcast app to discover more snips from this episode
why most businesses don't work and what to do about it
Michael E. Gerber
The E-Myth Revisited by Michael E. Gerber dispels the myths about starting your own business, highlighting that most small business owners are not true entrepreneurs but rather technicians skilled in their trade. Gerber introduces the concept of the 'E-Myth' and explains that business owners must embody three key roles: the Entrepreneur (the visionary), the Manager (the organizer), and the Technician (the doer). The book emphasizes the distinction between working 'on' your business and working 'in' your business, and provides practical advice on building systems and processes to ensure a business can run independently of its owner.
The Price We Pay
What Broke American Health Care--and How to Fix It
Marty Makary
In 'The Price We Pay,' Dr. Marty Makary provides a critical examination of the U.S. health care system, detailing the inflated costs, predatory billing practices, and the financial burden on patients. The book is based on on-the-ground stories, research, and personal experiences, showcasing how much of health care spending is unrelated to actual health care. Makary argues for transparency and true free market competition to lower costs and profiles innovators who are disrupting the current system. He also emphasizes the need for medical professionals to return to the altruistic mission of serving their communities and for consumers to be more informed about health care costs.
The Affluent Investor
The Affluent Investor
Phil DeMuth
Phil DeMuth's 'The Affluent Investor' is a comprehensive guide presenting his accumulated financial knowledge in a concise format. This book encapsulates a broad range of investment principles and strategies, tailored for those seeking financial wisdom. DeMuth shares insights gathered from years of experience in wealth management. The book covers essential aspects of investment planning, asset allocation, and wealth preservation. It aims to provide readers with the tools and knowledge to make informed financial decisions and achieve long-term financial success. Topics include tax minimization, retirement strategies, and estate planning for affluent individuals.
The Checklist Manifesto
How To Get Things Right
Atul Gawande
In 'The Checklist Manifesto', Atul Gawande explores the power of checklists in overcoming the complexities of modern professional work. He argues that despite advanced training and technology, professionals often fail due to the sheer volume and complexity of knowledge. Gawande illustrates how checklists, first introduced by the U.S. Air Force, have been successfully adopted in various fields, including medicine, to reduce errors and improve outcomes. He provides compelling examples, such as the reduction of fatalities in surgical procedures and the elimination of hospital infections, to demonstrate the effectiveness of checklists. The book emphasizes the importance of balancing autonomy and control, empowering frontline workers, and continuously improving checklists based on feedback and experience[1][3][5].
The Overtaxed Investor
The Overtaxed Investor
Phil DeMuth
'The Overtaxed Investor' offers a comprehensive exploration of tax-efficient investment strategies. Phil DeMuth examines the various taxes impacting investment returns. He also provides practical advice on minimizing tax liabilities through strategic planning. The book covers topics such as tax-loss harvesting, asset allocation, and retirement planning. DeMuth emphasizes the importance of tax awareness in achieving long-term financial success. He highlights the potential for investors to significantly improve their returns by effectively managing their tax obligations.
Every doctor and other high income earner wants to reduce their investment taxes. Our podcast guest, Phil DeMuth, is just the man to help you do that. See the full transcription and links to everything discussed in this episode at https://www.whitecoatinvestor.com. Phil is the managing director at Conservative Wealth Management, LLC, http://phildemuth.com/ where he enjoys working with "high net worth clients and saving them from the depredations of the financial services industry." He is the author of 11 books, my favorites being The Affluent Investor and The Overtaxed Investor. We really focus on taxes in this episode, especially investment-related taxes. Phil says that doctors are ducks in a shooting gallery. We are the most vulnerable people in terms of taxes and we need to learn to defend ourselves as best we can. In this episode we look at all the tax reducing tactics like maximizing the use of retirement accounts, using tax efficient investments in your taxable accounts, getting your asset location right, making sure your dividends are qualified and that your capital gains are long-term, depreciating real estate, tax loss harvesting, donating appreciated shares to charity to flush those capital gains out of your portfolio, getting a step up in basis at death, etc. Which of these tactics will make the most impact? Listen to this episode to figure it out.
If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help.
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!
White Coat Investor Podcast 
