229: Maximize Your Income: Tax Strategies Every Physician Must Know with Doc Wealth

Wealthy Mom MD with Bonnie Koo | Maximize Your Income: Tax Strategies Every Physician Must Know with Doc WealthAre you a physician looking to keep more of your hard-earned money? Do you feel like you're paying too much in taxes and not sure what to do about it? If so, this episode is for you.

In this episode, I talk with Dr. Mark Applegate and Laxman Pichappan, the founders of Doc Wealth, a tax strategy and CPA firm tailored specifically for physicians. As a physician, you have unique challenges and opportunities when it comes to taxes, whether you're a W-2 employee or a business owner.

Mark and Laxman share their expertise on how physicians can reduce their tax burden using a variety of strategies. They discuss the difference between a CPA and a tax strategist, and why it's so important to work with professionals who understand the specific needs of physicians. If you're ready to take control of your taxes and keep more money in your pocket, you won't want to miss this valuable episode.

We have just a few rooms left at our amazing group rate at the Four Seasons Oahu for the 2025 Live Wealthy Money and Wellness Conference For Women Physicians. Don't miss this chance to join us in luxurious Hawaii with incredible speakers to focus on money and living your best life. Virtual tickets are also available!

Ready to transform your life and finances? Join the Happy and Rich Club for Women Physicians — a 6-month, intimate program designed to help you thrive in both life and money. Click here to learn more, enroll, or schedule a quick call to see if it's the right fit for you!

What You'll Learn from this Episode:

  • Why most CPAs are not equipped to provide proactive tax strategy for physicians.
  • The key differences between being taxed as a W-2 employee versus a business owner.
  • How real estate investments, especially short-term rentals, can provide significant tax benefits.
  • The power of setting up the proper business entity, such as an S Corp, to reduce self-employment taxes.
  • Why defined benefit plans and cash balance plans can be a game changer for high-earning physicians.
  • How to take advantage of the Augusta rule to write off personal home expenses.
  • The importance of proper documentation when expensing business costs like vehicles and home offices.

Listen to the Full Episode:

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