Story at-a-glance Self-employment tax is steep—but deductible – You pay 15.3% in self-employment tax, but can deduct half to lower your taxable income.Home office, health premiums, and business expenses are major deductions – You can write off office space, insurance, supplies, CE, and
Introduction to Long-Term Care for Self-Employed Physicians
Story at-a-glance Long-term care is likely and expensive – With people living longer, the odds of needing costly care like home health aides or nursing homes are rising fast.LTC costs can drain your savings – A single year in a nursing home can exceed $100,000—without planning, these costs can
Understanding the Basics of Employer-Provided Life Insurance for Physicians
Story at-a-glance Employer life insurance is often too small – Basic group policies usually cover only 1–2x your salary, which falls short for most physicians.You lose it when you leave your job – Group coverage isn’t portable, so changing employers or retiring may leave you unprotected.You
Supplementing Your Group Disability Insurance: Do You Need Additional Coverage?
Reviewed by Chuck Krugh, CFP®, CLU®, ChFC®, Founder and CEO of DoctorDisability.Last updated .A working broker's guide to whether your employer's group disability plan is enough on its own, how to size an individual policy that fills the real gaps, and why the two work together
The Ultimate Guide to Choosing Life Insurance for Dentists
Story at-a-glance Dentists face unique risks – High student debt, practice loans, and income replacement needs make life insurance essential.Term vs. Permanent – Term offers affordability, while whole and universal provide long-term benefits and cash value.Business continuity matters – Use
Life Insurance for High-Income Earners
Story at-a-glance High-income doctors need more coverage – Your income, debts, and dependents demand a stronger safety net.Term vs. permanent – Term is cost-effective now; permanent adds long-term value and estate planning benefits.Customize your policy – Add riders like disability waiver or
AI Your Finances – A Doctor’s Guide to Smart Money
Story at-a-glance AI tools like ChatGPT can support doctors in budgeting, tax planning, and long-term financial strategy.Setting up a ChatGPT account is simple, and offers access to valuable, on-demand financial guidance.Prompts can be tailored to your specific needs, such as debt repayment or
Smart Finance: Why Every Doctor Needs Year-End Tax Planning
Story at-a-glance Doctors face unique tax challenges due to multiple income streams and business ownership.Understanding your tax bracket helps guide decisions on retirement contributions and deductions.Maximizing retirement and HSA contributions can significantly reduce taxable