Physicians tend to start earning later than most professionals after years of training, and many carry significant student debt by the time they begin practicing. Once they reach attending-level income, however, they often move into higher tax brackets quickly. Whether a doctor works as a hospital employee or runs a private practice also shapes the tax picture in meaningful ways. Because of this, tax planning for physicians usually goes well beyond filing an annual return. It often means thinking about retirement contributions, investment decisions, business income, and student loan strategy together throughout the year.
A financial advisor…
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