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White Coat Investor Podcast
WCI #349: Is Over Contributing to Your 403(b) Ever a Good Idea?
Jan 11, 2024
Tyler Olson of Olson Consulting answers questions about paying taxes and medical loans, what to do with an old SEP IRA, over contributing to a 403(b), and the difference between average and actual cost basis. They also discuss managing expectations with tax professionals and the tax implications of forgiven debt. Additionally, they explore safe harbor contributions, maximizing contributions to a 403(b), strategies for managing IRAs and Roth IRAs, and the importance of details for public service loan forgiveness.
01:07:06
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Quick takeaways
- Taking a proactive approach towards tax planning at the beginning of the year is crucial for leveraging money-saving strategies and maximizing tax benefits.
- Hiring a knowledgeable tax preparer who can offer proactive tax advice and ensure compliance with tax laws is essential.
Deep dives
The Importance of Proactive Tax Planning
Taking a proactive approach towards tax planning at the beginning of the year is crucial for leveraging money-saving strategies and maximizing tax benefits. Cerebral Tax Advisors, a trusted tax firm recommended by the White Coat Investor, specializes in court-tested and IRS-approved strategies to help medical professionals lower both personal and business taxes. With over two decades of experience, founder Lexis Gellotti offers high-level tax planning strategies tailored to the unique needs of physicians. By scheduling a pre-consultation with Cerebral Tax Advisors, physicians can optimize their tax returns and focus on maximizing their return on investment.
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