Healthcare Professionals 4 of 6: The Tax Prescription

In the fourth of our six-part series specifically for Healthcare Professionals, Amy Walls of Thimbleberry Financial gets into the tax complexities facing those in this field.  These factors can include higher income, sometimes from multiple sources (and across borders), capital gains, and even taxes on tuition benefits for those at teaching hospitals. Amy walks us through the hurdles of having separate business entities, sometimes earning income in different countries with different rules.   Regardless, its critical to keep good records and often advantageous to work with  a Certified Public Accountant, or CPA.   This can be helpful with understanding deductions and what you are eligible for. Amy's specialty is retirement planning.  Because traditional retirement plans have dollar limits, those limits can often represent a smaller percentage of income for higher wage earners.    These individuals may want to look into other retirement vehicles, such as 457 plans and saving into nonqualified, taxable investmets.  We dive into the latter. Amy and Jag wrap up, we cover a few other tax strategies, including tuition benefits, student loan forgiveness, and chartiable giving. For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial. To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.