Understanding how the tax brackets work will aid your tax planning and make for more informed, reasonable discussions of tax policy. Here are the tax brackets for 2021:     The standard deduction has also been raised for 2021.     People Don’t Understand How the Brackets Work One of the most interesting phenomena I’ve noticed over the years is ...

The more I learn about doctors and their finances and the more I talk to other docs, the more I see several recurring themes that cause them to have difficulty reaching financial success.  This post explores these themes. 1. Poor Debt Management This one begins early for most medical students as they get into the habit of living beyond their means.  ...

A Roth IRA has a lot of advantages with regards to investing, tax reduction, asset protection, and estate planning.  Even high-earners should be grateful to Senator William Roth, who was the sponsor of the legislation that established them back in the 1990s. The Basics of Roth IRAs Contribution Limits Anyone with earned income can open a Roth IRA and contribute ...

Last week, we took a close look at Joe Biden’s “Build Back Better” plan for the U.S. economy, including a new federal credit bureau aimed at closing the racial wealth gap in America. But what about Biden’s new running mate, Senator Kamala Harris of California? “I’m not trying to restructure society,” she said to The New York Times early in her ...

Jobs numbers are improving, and the stock market is doing well, but millions of Americans are still in need of assistance. Federal unemployment benefits expired a few weeks ago. These benefits provided people with an extra $600 a week to help get them through the pandemic. And as work on a new relief bill has stalled, Democrats and Republicans remain ...

Over the years, I have spent a fair amount of effort trying to get my readers to spend less time and money in fear of a tax audit. While an audit is never going to be fun and may cost you a lot of time and even money, the truth is that tax audits are pretty uncommon and becoming less ...

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