Welcome to episode 4 of the Doctor Money Matters podcast. We discuss the tax issues and finances facing common with physicians and dentists with Anjali Jariwala, CPA founder of FIT Advisors.
Taxes are the biggest expense for most high income healthcare professionals and proper planning can help minimize the pain.
Make sure you are funding your 401k, your 457b (if you have one), and your IRA. Also Anjali recommends putting money into to a Health Savings Account if you have access to one.
If you are saving for your kids college, fund a 529 plan (the growth is tax free if used for education and may get you a tax credit depending on the state you live in)