『Physician Cents』のカバーアート

Physician Cents

Physician Cents

著者： Chad Chubb & Tyler Olson
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概要

 Welcome to the Physician Cents Podcast! A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.2024 個人ファイナンス 経済学 衛生・健康的な生活 身体的病い・疾患
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  • 18 Common Tax Mistakes Physicians Make (Part 1): The Quiet Errors That Create Massive Tax Bills, Ep #048

    18 Common Tax Mistakes Physicians Make (Part 1): The Quiet Errors That Create Massive Tax Bills, Ep #048
    2026/03/01
    Physicians are some of the highest earners in the country—and often some of the biggest overpayers in taxes. Not because they lack intelligence or discipline, but because the tax code punishes complexity. Multiple income streams, inconsistent withholding, overlooked deductions, and misunderstood retirement strategies quietly create five-figure mistakes that compound over time. This episode kicks off a three-part series based on Tyler Olson's widely shared thread outlining 18 of the most common tax mistakes physicians make each year. Part 1 tackles five of the most frequent and costly errors—many of which stem from coordination problems rather than aggressive tax planning. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [05:00] Not planning for multiple income types (W2 + 1099 + bonuses) [12:45] When an S-Corp election makes sense—and when it doesn't [19:30] Missing easy 1099 deductions like CME, licenses, and travel [27:10] Quarterly payments and how underpayment penalties really work [36:20] The Pro Rata rule and why it ruins so many Backdoor Roth IRAs Multi-Income Physicians: Where Withholding Breaks Down One of the most common physician tax mistakes is assuming payroll withholding is "handling it." Each income source calculates withholding independently. A university paycheck does not account for income from a physician group. Neither accounts for 1099 consulting. And 1099 income itself has no withholding at all. Bonuses create an additional trap. Productivity bonuses are often withheld at a flat 22%, which may be significantly lower than a physician's actual marginal rate. The result is a surprise balance due—even when it feels like plenty has already been paid throughout the year. The solution is coordination: projecting income early, reviewing pay stubs, and adjusting W4 elections or adding additional withholding before year-end. Without proactive adjustments, physicians can face large balances due along with unnecessary penalties. S-Corps: A Strategy That Requires Math, Not Hype The S-Corp conversation has become increasingly popular online, often framed as a guaranteed tax win once 1099 income reaches a certain threshold. The reality is more nuanced. Yes, S-Corps can reduce self-employment taxes under the right circumstances. But those savings must exceed the added costs of payroll services, separate business tax filings, and ongoing administrative work. In some states, additional business taxes materially reduce the benefit. This is not a default move—it is a numbers-driven decision. Physicians should evaluate projected tax savings against professional fees and state-level implications before electing S-Corp status. Without that analysis, complexity can increase without meaningful benefit. Quarterly Taxes and the Backdoor Roth Trap Physicians earning locums or moonlighting income frequently miss quarterly estimated payments. The IRS expects taxes to be paid throughout the year, not in a single lump sum at filing. Even if the full balance is eventually paid, penalties can apply if payments were not made on time. Quarterly estimated payments—due in April, June, September, and January—help prevent underpayment penalties. In some cases, increasing W2 withholding can simplify the process and reduce the need to manage separate payments. The final major mistake covered in Part 1 involves the Backdoor Roth IRA. High-income physicians often attempt this strategy while holding pre-tax balances in traditional IRAs, rollover IRAs, SEP IRAs, or SIMPLE IRAs. When those balances exist, the Pro Rata rule applies, causing part of the Roth conversion to become taxable. Before executing a Backdoor Roth, pre-tax IRA balances should typically be moved into a 401(k), 403(b), or Solo 401(k) if eligible. Skipping that step can create unnecessary taxes and undermine the intended benefit of the strategy. These five mistakes share a common theme: the fundamentals matter. When income streams are coordinated, elections are evaluated carefully, and compliance is respected, physicians retain more of what they earn. Resources Mentioned IRS Direct Pay – https://www.irs.gov/payments/direct-pay Connect with Tyler and Chad WealthKeel LLCOlson Consulting LLCTyler Olson on XChad Chubb X Subscribe to Physician Cents Apple Podcasts Audio Production and Show Notes by - PODCAST FAST TRACK
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    41 分
  • The Disability Insurance Crossfire: Planners vs. Brokers and the Must-Knows for Docs with Michael Relvas, Ep #047

    The Disability Insurance Crossfire: Planners vs. Brokers and the Must-Knows for Docs with Michael Relvas, Ep #047
    2026/02/15
    As a physician, your most valuable asset isn't your car, your home, or even your impressive degree—it's your ability to earn an income through a unique skillset you've spent years (and sometimes decades) developing. We're discussing disability and term life insurance with special guest Michael Relvas, an expert who has spent nearly twenty years advising physicians on these crucial protections. We tackle complex decisions—like whether to include a COLA rider in a disability policy, how to prioritize insurance on a tight resident budget, and the pros and cons of graded versus level premiums. We also discuss scenarios for dual-physician households, review strategies for term life coverage as your family grows, and answer rapid-fire listener questions on applying for disability claims and updating older insurance policies. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [05:45] The cost of peace of mind[11:13] Pros and cons of COLA riders[16:31] Managing tight budgets in training[23:14] Evaluating perceived vs. real roadblocks[27:53] Choosing graded vs. level premiums[35:38] Dual high-earner disability insurance debate[47:30] Life insurance strategy insights[52:06] Clarifying occupational duties in claims[01:05:36] Questions from listeners on disability insurance Disability Insurance is the Foundation of Physician Financial Security Disability insurance isn't just another checkbox for your financial plan—it's a necessity. Disability insurance protects both your present lifestyle and the future earnings you've worked so hard for. Even young physicians, barely out of training, have invested major time and resources into their careers, making the stakes for an income-disrupting event extremely high. The Cost of Living Adjustment (COLA) rider is a feature that increases your monthly benefit during a disability claim to help keep up with inflation. Most young docs recognize its value, but some question whether the additional premium is worth it given the low statistical likelihood of long-term disability. It's essential to protect against catastrophic scenarios, and COLA is not the premium cost that will break your budget. Skipping COLA to save a few bucks is short-sighted when the risk, however unlikely, is devastating. Budgeting for Disability Insurance as a Resident or Fellow What if your budget feels impossibly tight? It's a common dilemma, especially for residents and fellows who are saddled with student loans and low stipends. We recommend getting coverage even if you have to reduce your benefit amount or opt for graded (lower initial) premiums that ramp up later. The key is to lock in coverage while you're still healthy and keep the door open for future increases without re-underwriting. Program-specific guaranteed standard issue (GSI) offers can offer flexibility without medical underwriting. However, these programs aren't guaranteed to last, and only you can determine when an apparent financial roadblock is truly immovable or just a matter of making difficult choices about your spending priorities. Graded vs. Level Premiums: Playing the Long Game As insurance carriers shift away from unisex pricing, especially for women, graded premiums are becoming more attractive for some. They allow physicians to pay much less in their early years by "grading" the cost up annually, but total costs level out over time. Switching from graded to level premiums later can raise your ongoing cost. Still, if graded premiums are the only way to afford coverage in training, it's a tool to use—just lock in level premiums as soon as your cash flow allows for long-term savings. Predictability and simplicity are best: level premiums are preferable if your financial plan assumes a long career horizon. Two-Physician Households: Should You Maximize Coverage for Both? Unless you're already financially independent, maximize coverage. Losing one income—even a high one—changes everything, from current expenditures to retirement and children's future opportunities. Term life insurance is important during your family-building years, especially when debt is high and kids are young. We recommend coverage that lasts at least until your youngest child is 18, but ideally extends through the end of college. Laddering term policies (stacking policies with varying durations and amounts) adds flexibility as your savings grow. As net worth builds, coverage can decrease, but most people keep policies active until family responsibilities are fully covered. Whether you're considering COLA riders, struggling to fit premiums into your budget, or wondering how much coverage to purchase, the advice remains consistent: Take action early, prioritize coverage in ...
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    1 時間 7 分
  • Taxes and Student Loans with Adam Markowitz, Ep #046

    Taxes and Student Loans with Adam Markowitz, Ep #046
    2026/02/01
    Physicians, medical trainees, and other healthcare professionals walk a uniquely challenging financial path. High educational debt, income variations throughout career stages, and complicated tax policies are just the start. We're joined by tax expert and Certified Student Loan Planner (CSLP) Adam Markowitz to tackle a complicated topic all physicians have to deal with: how taxes and student loans are intertwined. Adam brings a wealth of firsthand experience, and you'll want to listen to his strategies to help keep your payments low and avoid IRS headaches. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 04:09 Managing student loans post-COVID.10:24 Community property tax impact explained.16:59 Tax strategies for maximizing your benefits.19:19 Tax challenges amid the rising costs of living.23:57 IRS complexity and processes.28:03 The importance of taking expert tax advice. Why Taxes Matter in Student Loan Planning If you think your tax return is a standalone document, think again. Student loan repayment plans, especially income-driven plans like SAVE or IBR, use your latest tax filings to calculate monthly payments. As our guest, Adam Markowitz says, for medical residents and fellows earning lower salaries, it could be strategically advantageous to delay filing your next return if your income will soon increase. For instance, a trainee finishing residency in 2025 could benefit from an extension, resulting in their student loan payments for the coming year being calculated from their lower 2024 income. This maneuver buys them another 12 months of cheaper student loan payments, cushioning the financial leap into attending status. The Impact of Public Service Loan Forgiveness (PSLF) While PSLF aims to forgive student loan debt for those working at qualifying institutions, it can be tricky to get to grips with. Many residents, especially post-COVID, haven't made qualifying payments due to forbearances, so ensuring they're on the right repayment plan (rather than SAVE during a non-qualifying period) is so important. Even if you're not on PSLF, income-driven payments during lower income years can provide a fantastic financial runway with manageable bills, reduced stress, and preparation for larger payments as your income grows. Community Property States Marriage introduces another layer of complexity, especially in community property states. As Adam explains, that in the majority of situations, half of what you earn is technically money your spouse has earned, and half of the money that your spouse has earned is what you have earned. This can help or hinder student loan payment calculations, depending on who earns more within the couple. For example, a resident married to a high-earning spouse could see their payments jump since their incomes are pooled. We also touch on states with opt-in community property laws. While technically possible, opting in comes with wider legal ramifications, including asset division, so it's not a simple student loan hack. DIY Tax Filing Risks Missing Out on Big Benefits Many trainees opt for DIY tax apps, but this approach can be risky. Adam estimates that while about 60% of returns will come out fine, the other 40% can contain costly errors or missed opportunities, especially regarding student loan recertification, credits for retirement contributions, and unique deductions. There's also the peace of mind factor, receiving an IRS notice is universally stressful and having a professional to interpret these letters or catch tricky policy changes can be invaluable. The IRS is overstretched, and communication delays persist. From delayed EIN number confirmations to confusing notices, a simple mistake or missed 1099 can easily snowball. Now more than ever, having proactive, accessible financial and tax advice is essential for physicians and trainees. Seek Guidance, Save Stress Student loan repayment and tax filing go hand in hand, especially for physicians and medical trainees. From optimizing payments based on timing, navigating marriage and state laws, or simply surviving IRS quirks, consulting experienced professionals can mean the difference between financial ease and future headaches. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for ...
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    32 分
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