Tax Planning for Physicians
Upon leaving medical school, physicians face many challenges when it comes to their earning power. A high yearly salary can be whittled down by large debt loads and practice-building costs. Compounding this is the fact that you may find yourself in a higher federal income tax bracket, where nearly 40% of your income is eroded by taxes. Beyond this, there are the dynamic changes that the tax code is subject to every year. Plus, physicians generally have a complicated tax profile.
With a great understanding of the unique financial situation of physicians, Cambridge Financial Group provides specialized tax planning services that aim to minimize tax liability and explore opportunities for effective wealth strategies.
This may involve:
- Examining deductions
- Structuring assets for effective tax treatment
- Reducing taxable income
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