Future Proof Shares - Happy 2018 Edition!

Future Proof Shares - Happy 2018 Edition!

Happy New Year!!! Welcome to the first edition of the Future Proof Shares for 2018. The biggest financial news last week, and possibly the entire 2017, has to be the passage of the new Republican tax bill. And it is a BIG deal. I've tried to explain its implications for medical trainees. But what if you're an attending physician? Here are some articles worth reading:

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2017 Tax Reform - Implications for Medical Trainees

2017 Tax Reform - Implications for Medical Trainees

By now you've heard that the Republican tax bill - titled "Tax Cuts and Jobs Act of 2017" - has passed both chambers of the US Congress and is on its way to be signed by President Trump. There are many current debates on the issue with strong voices in both the pro and the against camps. I will try my best to stay out of the political quicksand. Instead, I want to take a look at the most important provisions of the new tax bill and how that will affect your tax bill starting in 2018.

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GUEST POST: Student Loan Repayment Assistance Beats Sign-on Bonuses

GUEST POST: Student Loan Repayment Assistance Beats Sign-on Bonuses

For major healthcare organizations, sign-on bonuses have long been a recruiting tool for enticing the best and the brightest doctors, nurses, and specialists. A lump sum paid directly to the new hire shortly after on-boarding is a smart way to show how invested an employer is in the new employee and his or her success on the job.  According to the Medicus physician recruiting firm, nearly 90% of physicians hired through the firm received a signing bonus last year, up from 68% in 2015.  On average, a sign-on bonus for a new physician is $24,802. However, employers may benefit in attracting top talent through student loan repayment assistance programs rather than sign-on bonuses in the near future.

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Retirement 101: The "Pro-Rata Rule"

Retirement 101: The "Pro-Rata Rule"

Here is the thing about Uncle Sam - no matter what you do, he always gets his cut.  As I learn more about investing for retirement and tax-minimization strategies, the "pro rata rule" keeps popping up.  As an FPMD reader, you probably don't have a lot of extra cash at the end of the month to dig deep into retirement strategies.  But you soon will.  Today I want to talk about the IRS "pro rata rule," also known as the "cream-in-your-coffee" rule.

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Track Your Sales Tax Paid Using Mint.com

Track Your Sales Tax Paid Using Mint.com

If you itemize deductions, you can deduct either the state income tax or sales tax paid on your federal income tax return.  For most people, the state income tax will likely be the larger amount of the two unless you made a large purchase (e.g. car, boat etc).  But what if you're lucky enough to live in one of the great states without income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington, or Wyoming)?  Well then the sales tax deduction becomes a no-brainer!  Let me show you how I keep track of my sales tax using Mint.com.

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Why I Started a 457 Plan

Why I Started a 457 Plan

A while back, I shared with you Why I Opened an SEP IRA.  Recall that part of the reason I went with the SEP IRA was because I was told that my employer had discontinued the 457 plan.  As it turns out, that wasn't the case.  We simply transitioned away from a third party provider who was administering the 457 plan.  Long story short - the 457 plan was still available.  Let me tell you why I signed on...

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Why I File My Own Taxes

Why I File My Own Taxes

The IRS tax filing deadline is coming up quickly on Tuesday 4/18/2017.  It normally falls on 4/15.  We got lucky this year because 4/15 is a Saturday and Monday is Emancipation Day - a holiday observed in Washington, DC.  So if you still haven't done your taxes yet, you've got a couple more days.  I want to take a few minutes to share with you why I file my own taxes.

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Tax Deduction for Interview Expenses

Tax Deduction for Interview Expenses

Many medical students, residents and fellows (myself included) are currently travelling around the country in search of their dream residency, fellowship or that first job.  I’ve talked about how you can save money and stress on your travels before.  Today I want to address a different kind of money-saving topic – are interview expenses tax deductible?

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PMD: 2016 Year End Tax Tune Up

PMD: 2016 Year End Tax Tune Up

Happy Thanksgiving!  And welcome to another installment of Future Proof posts on Physician's Money Digest (PMD).  While you are probably busy planning out your Black Friday spending spree, I would like play buzzkill and get you thinking about savings - from Uncle Sam.  As usual, read the full post at PMD.  An excerpt is included below.

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