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Category: Taxes

  • The Best Tax-Efficient Retirement Withdrawal Strategies

    The Best Tax-Efficient Retirement Withdrawal Strategies

    The Best Tax-Efficient Retirement Withdrawal Strategies One of the BIGGEST worries people have regarding “retirement planning” is running out of money after they quit working. Financial advisors do a GREAT job of “scaring” us into thinking we need to work much longer than we should. Why shouldn’t they? The longer we work and contribute to…

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  • Common Non-Taxable Income Types You Should Know

    Common Non-Taxable Income Types You Should Know

    Common Non-Taxable Income Types You Should Know It didn’t take long after becoming a dentist to understand just how much the “tax man” taketh from us. Most people spend their entire career focused on earning an income from “taxable” sources. But did you know that there are several non-taxable income types? That’s right, and in…

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  • The Ultimate Guide to RV Park Depreciation and Tax Benefits

    The Ultimate Guide to RV Park Depreciation and Tax Benefits

    The Ultimate Guide to RV Park Depreciation and Tax Benefits Understanding depreciation is key for any real estate investor, especially when investing in RV parks. Depreciation is a significant benefit that can substantially impact your tax situation. In this article, we’ll cover the basics and take a deep dive into Cost Segregation and Bonus Depreciation.…

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  • The Ultimate List Of Tax Deductions For Doctors

    The Ultimate List Of Tax Deductions For Doctors

    The Ultimate List Of Tax Deductions For Doctors Recently in the gym, I had a conversation with two medical students. They asked, “What do you recommend we learn now before we start practicing?” These guys are thinking the right way. I told them that their situation was similar to that of pro athletes. They go…

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  • Lease vs Buy: Tax Benefits for Your New Car

    Lease vs Buy: Tax Benefits for Your New Car

    Lease vs Buy: Tax Benefits for Your New Car When considering the financial impact of getting that new car for your business/practice, you may find yourself weighing the benefits of leasing versus buying. The choice can have significant tax implications that require careful examination before you make a decision. If you listen to Dave Ramsey,…

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  • 2024 Bonus Depreciation Bill: Tax Relief Insight

    2024 Bonus Depreciation Bill: Tax Relief Insight

    2024 Bonus Depreciation Bill: Tax Relief Insight There’s a new bonus depreciation bill in town….and here’s the lowdown: The “Tax Relief for American Families and Workers Act of 2024,” also known as HR 7024, was passed by the U.S. House of Representatives on January 31, 2024, with an overwhelming majority vote of 357-70. This legislation…

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  • Reducing Tax on Rental Income: The Role of Passive Losses

    Reducing Tax on Rental Income: The Role of Passive Losses

    Reducing Tax on Rental Income: The Role of Passive Losses As a periodontist, I was never taught anything about money, much less real estate or taxes, in school. The fault is mine for not seeking this information earlier in my career. It’s amazing that once you learn how to use the tax code correctly, it…

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  • Tax Savings Strategies for High-Income Doctors: Maximizing Your W-2 Deductions

    Tax Savings Strategies for High-Income Doctors: Maximizing Your W-2 Deductions

    Tax Savings Strategies for High-Income Doctors: Maximizing Your W-2 Deductions [Editor’s Note: Today’s article is a guest post from Thomas Castelli, CPA from Hall CPA (my personal CPA group).] Navigating the maze of tax planning can be daunting for anyone, including high-income doctors. Your unique financial situation, characterized by substantial W-2 income, demands strategic foresight to safeguard…

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  • 2024 Bonus Depreciation Update: Is It Coming Back?

    2024 Bonus Depreciation Update: Is It Coming Back?

    2024 Bonus Depreciation Update: Is It Coming Back? In 2024, there have been some changes to the bonus depreciation rules. One notable development is the passage of the Tax Relief for American Families and Workers Act of 2024, which includes a 100% bonus depreciation provision and research and development expensing and expands the Child Tax…

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  • Real Estate Tax Savings: How Cost Segregation Works

    Real Estate Tax Savings: How Cost Segregation Works

    Real Estate Tax Savings: How Cost Segregation Works Have you ever been told that the ultra-wealthy folks end up paying little to no taxes? I know I have. The fact is, anybody can benefit from the tax system if they know how to play the game. If I could go back in time (before dental…

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  • Best Tax Strategies for High-Income Earners [2024]

    Best Tax Strategies for High-Income Earners [2024]

    Best Tax Strategies for High-Income Earners [2024] As a high-income earner, navigating the complexities of a tax strategy is one of the most overlooked aspects of building wealth, especially with the 37% tax rate in 2024. Understanding your specific tax obligations and exploring legal ways to reduce your liability is important, ensuring you maximize your…

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  • Buy Borrow Die – How Elon Musk Pays Less Taxes Than Doctors

    Buy Borrow Die – How Elon Musk Pays Less Taxes Than Doctors

    Buy Borrow Die – How Elon Musk Pays Less Taxes Than Doctors More than likely, if you’re a high income earner, then it’s safe to say that you pay the federal government a boatload of taxes each year. But how is it that the richest Americans (i.e. Elon Musk, Jeff Bezos, Warren Buffett, etc.) can…

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