Blog
Is Your 401(k) Enough?
By Ryan Johnson If you have taken the step to regularly contribute to your retirement savings: Congrats! You have taken one of the first steps to achieve financial independence. If you are maxing out your contributions ($19,500 for W-2 employees and $58,000/yr for...
Why is a HSA Useful?
By Terry Westlund Health Savings Accounts, aka “HSAs” are a common financial strategy used in a provider’s arsenal. But are you clear on all the reasons why a HSA can be handy? See below for the top reasons you may want to incorporate this kind of account into your...
Why Should I Hire a Fiduciary?
By Noel Roach Fiduciary. This word has been around for a long time, but it’s still not clear to many what it actually means. A fiduciary is someone who acts in the best interest of another person. Being a fiduciary is about loyalty, honesty and trust. Sounds simple,...
Do I Refinance Federal Student Loans?
By Katie Bennett To refinance or not to refinance? I am asked this question with high regularity. Prior to the pandemic, I would have advised to seek lower interest rates by refinancing with a company like SoFi, Common Bond, or Laurel Road. Current legislation has...
A New Year: 5 Realistic Financial Goals for Doctors
By Terry Westlund, Co-founder of Financial DesignsIt’s January - and we finally have 2020 behind us. Many of you have made or thought about making resolutions. There is probably another sub-set of readers who might have pushed that to the bottom of the proverbial...
The Rare but Valuable Unisex Disability Rate
By Terry Westlund, ChFC® It’s the end of 2020 and the buzz in the financial world is that “unisex” pricing for disability coverage is going away. Although this is true for many large carriers like Principal, it’s not completely true across the board. Like a large...
Top 5 Year-End Tax Tips for 1099 Physicians
By John Golway, CPA and Founder of Financial Designs Tax Services, LLC Updated to reflect 2020 information. It’s that time of year… cheery music, crisp weather, shiny lights… and wrapping up your taxes for 2020. Don't worry - if you have a good CPA, it shouldn't be as...
Deductible Business Expenses for Independent Contractors
By Chris McQueen, CPA As an independent contractor, you qualify to deduct 100% of business expenses from your taxable income. When you take into consideration all your business expenses, this can result in quite a bit of savings. The list is lengthy, so rather than...
What You Need to Know About Quarterly Estimates
By Chris McQueen, CPA As an independent contractor, you are obligated to submit quarterly tax estimates. Although the phrase “quarterly estimate” can make many feel anxious, this process doesn’t have to be complicated or overwhelming. Here is what you need to know: 1)...
4 Tips When Selecting Health Insurance Coverage
By Terry Westlund Health insurance is complicated. Annual open enrollment can cause anxiety and confusion as you select a plan that's best for your situation. See below for our top tips when selecting health insurance coverage. 1) Know the Lingo Having the knowledge...
Top 4 Things to Discuss with Your Financial Adviser Now
By Noel Roach For many of us, 2020 hasn’t been the most ideal. As we head into the 2nd half of the year, there is more uncertainty ahead. You should be touching base with your financial adviser to make sure you have a plan in place that matches your comfort level as...
Dollar Cost Averaging
By Noel Roach “There is simply no telling how far stocks can fall in a short period… your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.” - Warren Buffett, Berkshire Hathway 2017...
Weathering a Loss in Income
By: Ryan Johnson For at least the medium term, it appears coronavirus is here to stay. As we wade through what this means for various aspects of our daily lives, many of our clients are finding themselves in a situation where shifts have been cut and therefore income...
Maximizing the New 20% Pass-Through Deduction
By Terry Westlund, Co-Founder Note: This post was updated to reflect 2020 numbers. Remember the big hub-bub about tax reform at the end of 2017? The new rules included a significant change that benefited many independent contractor physicians (those with 1099 income)....
Your Finances Post Residency
By Katie Bennett, ChFC® Congrats! After years of hard work, little sleep and lots of determination, you have finished medical school and residency, and your paycheck finally reflects a physician’s salary. The jump from the average residency pay of $61,200 to a...
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