Navigating the complexities of taxes can be daunting, especially for medical professionals with unique financial situations. From maximizing retirement contributions to understanding the benefits of Health Savings Accounts (HSAs), strategic tax planning is essential. In this episode, we explore various tax strategies that physicians can leverage to optimize their financial outcomes. Finally, we delve into practical tips for managing multiple income streams and setting up your business on the right side of the IRS.💡 Check out our Free Resources specifically designed to address pain points in medical practice💡Guest Bio: Alexis E. Gallati is the founder and Lead Tax Strategist at Cerebral Tax Advisors, Cerebral Wealth Academy, and the author of the book Advanced Tax Planning for Medical Professionals. She has over 20 years of experience in high-level strategic tax planning and multi-state tax preparation and has trained at the highest level, holding two master’s degrees. Alexis grew up in a family of physicians and is married to a private practice physician. That’s why she understands how hard medical professionals work to get where they are and why she provides simple and accessible tax solutions tailored to busy physicians.We Discuss: Maximizing Retirement ContributionsUnderstanding 403b and 457b PlansWhy Health Savings Accounts (HSAs) are Tax Advantageous Compared with Flexible Spending Accounts (FSAs)Immediate vs. Deferred Medical Expense PaymentsHow to Make Smart HSA ChoicesTurboTax: When to DIY and When to Go ProA Primer on LLCs and S-Corps for PhysiciansBalancing Multiple Income StreamsThe Benefits of 1099 IncomeRetirement Plans for 1099 IncomeSEP IRA vs. Backdoor RothRenting Your House to Your BusinessCan I Write Off My Vacation?Starting a Business on the Right Side of the IRSMentioned in this episode:Awake + Aware Bend May 5-7, 2025 | Our in person live event Ready to reset, recharge, and level up?
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🎓 P.S. Yes, this is a CME event!Awake + Aware Bend 2025Never Lame. Never Spammy. Always Fresh.If you’d like a few minutes of career-elevating curated kickassery delivered to your inbox, sign up for our newsletter. Sign up for our Newsletter5 Free Tools To Make Medical Practice EasierScripts for your least favorite conversations.
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A 10-minute "Driveway Debrief" to switch off from work.
My favorite documentation templates.
Step-by-step guide for delivering the news of death.
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