Blog
Secure 2.0: What You Need to Know
By Katie Bennett On December 29th, 2022, President Biden signed a massive omnibus spending bill, dedicated to bringing several changes beginning in fiscal year 2023. Buried within this 1,400-page document is a bill known as the “Setting Every Community up for...
Forbearance Period Extended. Now What?
By Katie Bennett With interest rates on the rise, while federal loans benefit from continued forbearance, many are wondering, when is the right time to refinance? Early April saw yet another extension of the federal forbearance period. Loans are now set to enter...
Tax Reform for the Independent Contractor
By John Golway, CPA and Founder of Financial Designs Tax Services, LLC Tax reform has been all the buzz since the holidays. Tax professionals and financial advisers around the country have been busy educating themselves on the new rules. Many people will benefit from...
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...
Top 5 Year-End Tax Tips for 1099 Physicians
By John Golway, CPA and Founder of Financial Designs Tax Services, LLC Updated to reflect 2022 information. It’s that time of year… cheery music, crisp weather, shiny lights… and wrapping up your taxes for 2022. Don't worry - if you have a good CPA, it shouldn't be as...
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 ($22,500 for W-2 employees and $66,000/yr for...
Why is an 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,...
A New Year: 5 Realistic Financial Goals for Doctors
By Terry Westlund, Co-founder of Financial Designs With the new year, 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 “to-do” list. According to Forbes,...
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...
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...
Maximizing the New 20% Pass-Through Deduction
By Terry Westlund, Co-Founder Note: This post was updated to reflect 2023 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...
Life Insurance 101
By: Noel Roach The inevitability of death is never fun to talk about. However, to ensure a well-thought-out financial plan, you must take the time to consider what will happen to your finances when you (or your spouse) pass away. Life insurance should especially be a...
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