Navigating the complexities of taxes can be daunting, especially for medical professionals with unique financial situations. From maximizing retirement contributions to understanding the benefits of Health Savings Accounts (HSAs), strategic tax planning is essential. In this episode, we explore various tax strategies that physicians can leverage to optimize their financial outcomes. Finally, we delve into practical tips for managing multiple income streams and setting up your business on the right side of the IRS.💡 Check out our <a href="https://stimulus.captivate.fm/free-resources" rel="noopener noreferrer" target="_blank">Free Resources</a> specifically designed to address pain points in medical practice💡Guest Bio: Alexis E. Gallati is the founder and Lead Tax Strategist at <a href="https://www.cerebraltaxadvisors.com/" rel="noopener noreferrer" target="_blank">Cerebral Tax Advisors</a>, <a href="https://academy.cerebraltaxadvisors.com/" rel="noopener noreferrer" target="_blank">Cerebral Wealth Academy</a>, and the author of the book Advanced Tax Planning for Medical Professionals. She has over 20 years of experience in high-level strategic tax planning and multi-state tax preparation and has trained at the highest level, holding two master’s degrees. Alexis grew up in a family of physicians and is married to a private practice physician. That’s why she understands how hard medical professionals work to get where they are and why she provides simple and accessible tax solutions tailored to busy physicians.We Discuss: <ul><li>Maximizing Retirement Contributions</li><li>Understanding 403b and 457b Plans</li><li>Why Health Savings Accounts (HSAs) are Tax Advantageous Compared with Flexible Spending Accounts (FSAs)</li><li>Immediate vs. Deferred Medical Expense Payments</li><li>How to Make Smart HSA Choices</li><li>TurboTax: When to DIY and When to Go Pro</li><li>A Primer on LLCs and S-Corps for Physicians</li><li>Balancing Multiple Income Streams</li><li>The Benefits of 1099 Income</li><li>Retirement Plans for 1099 Income</li><li>SEP IRA vs. Backdoor Roth</li><li>Renting Your House to Your Business</li><li>Can I Write Off My Vacation?</li><li>Starting a Business on the Right Side of the IRS</li></ul> Mentioned in this episode:Physician CoachingI work with physicians to help them flourish in medical practice. If you're feeling stuck, burned out, or in trouble at work because of communication or conflict, check out our FAQ page for more info. 
Ready for real change? Book a discovery call. It’s free, low-pressure, and will give you clarity on your next steps.<a href="https://stimulus.captivate.fm/coachingfaq">Physician Coaching FAQ</a>Never Lame. Never Spammy. Always Fresh.If you’d like a few minutes of career-elevating curated kickassery delivered to your inbox, sign up for our newsletter. <a href="https://stimulus.captivate.fm/newsletter">Sign up for our bi-weekly newsletter</a>4 Free Resources specifically designed to address pain points in medical practiceScripting your least favorite conversations. 
The Driveway Debrief. 
My 4 favorite documentation templates. 
The quick and dirty guide to calling consults.<a href="https://stimulus.captivate.fm/free-resources">Free Resources Link</a>

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Tax Secrets Every Doctor Should Know

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