EP 179: A Laundry List of Deductions and Credits ER Docs Need to Know

The Internal Revenue Code is like an onion – there are so many layers to peel back. Within each of these layers are deductions and credits, each with their own set of rules. As a high-earning ER doc, you should be aware of areas where you can take advantage, and for completeness and simplicity, areas where you can’t.

On today’s episode, we’ll construct and discuss the longest list of deductions and credits available to ER docs that we can realistically come up with to hopefully aid in your tax filings this year and tax filings moving forward.

Topics Discussed:   

  • The EV market and the ever-evolving tax code.
  • The limitations on credits and how they are changing.
  • What you can deduct.
  • What things may be ‘out of your range’ and most likely not deductible.
  • Important details you need to know about capital losses and crypto.
  • Common mistakes we see people make with their deductions.
  • Common credits to look for and take advantage of.
  • Where to make sure you’re not being double taxed.

Resources Mentioned:

Tags

tax credits, tax deductions, deductions, tax filing, tax code, ER doc finances, financial planning, financial planner, emergency medicine, ER docs, emergency doctors