National Guard - Financial Advice
To preface, I am a 22 year old Alabama resident beginning medical school this July and will be married in April. I am taking the MDSSP and will be commissioning into the Alabama National Guard in the next couple of months. My fiancé and I are looking for housing and trying to come up with some budget plans, so I am trying to get my military pay figured out. I am unsure how this money will be taxed and would appreciate any help or insight from someone with a little more life experience... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - December 6, 2022 Category: Universities & Medical Training Authors: treyc Tags: Military Medicine Source Type: forums

Living in Brooklyn with Family as a Resident
I matched to NYU’s DA program in Brooklyn and am curious to hear from anyone who has lived/done residency in Brooklyn with a family. Rent is pretty expensive so I’m curious to know sure people have lived and resources used to find a good place. My salary will give me about $4500/month after taxes, and most places I’ve seen are 2500-3000/month. Just trying to find a good place and maximize my salary as best I can. Any advice is appreciated (Source: Student Doctor Network)
Source: Student Doctor Network - December 5, 2022 Category: Universities & Medical Training Authors: O Cabra Tags: Dental Residents and Practicing Dentists Source Type: forums

Group Practice Question
Hi all, I had a question about group practice. Myself and a friend from grad school are thinking about starting a practice together. We were looking into LLCs and it seems like doing separate ones makes more sense (as opposed to starting a business together which feels like asking for trouble/way too complicated for taxes). Could we operate as a group practice (aka have one practice name/website/etc) under separate LLCs? Thanks so much (Source: Student Doctor Network)
Source: Student Doctor Network - October 28, 2022 Category: Universities & Medical Training Authors: psychedaboutpsych123 Tags: Psychology [Psy.D. / Ph.D.] Source Type: forums

CPA for 1099 recs?
Hello there, I am interested in any recommendations for CPAs who can help with 1099 taxes. Thank you in advance, spd (Source: Student Doctor Network)
Source: Student Doctor Network - October 22, 2022 Category: Universities & Medical Training Authors: stephenpatrickd Tags: Anesthesiology Source Type: forums

Don't do medicine if you feel forced and pressurised
Thread Starter Don't do medicine if you feel forced and pressurised Follow 3 hours ago 3h ago ...
Source: The Student Room - September 28, 2022 Category: Universities & Medical Training Authors: CatInTheCorner Tags: Medicine Source Type: forums

What are your thoughts on realistic returns from the S & P 500?
I have always just played it safe and calculated all potential returns at 8%. Dave Ramsey seems to think 10-12% which is theoretically correct based on history but I don't believe he is telling the whole story with those numbers. After inflation, fees, and taxes can you still be at 9% per year long term? Or, can you explain to me what numbers are realistic and how you calculated them? (Source: Student Doctor Network)
Source: Student Doctor Network - September 17, 2022 Category: Universities & Medical Training Authors: MS2023student Tags: Finance and Investment Source Type: forums

1099 vs. W-2
My previous job was W-2 without benefits. Current job is 1099. My accountant told me yesterday that I will end up paying more than 50% in taxes with 1099. What can I do to decrease my tax burden? Thank you. (Source: Student Doctor Network)
Source: Student Doctor Network - September 14, 2022 Category: Universities & Medical Training Authors: MoonUnitZappa Tags: Anesthesiology Source Type: forums

1099 Taxes
Hey all, new to the locums game (1 month to be exact) and therefore new to the 1099 taxes game... I've tried doing my research on this but the most I can find is one should try to pay their taxes quarterly, the amount being based on documents that I don't have. Yes, I will be consulting with an accountant in the future; but, as September 15 is looming ever closer, figured I'd curbside some other 1099 people who were also once new. Thank you in advance! Bonus question: where do you set... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - September 10, 2022 Category: Universities & Medical Training Authors: DoctahB Tags: Family Medicine Source Type: forums

Effective tax rate?
What are peoples effective tax rates including state, local, federal, etc? I’ll probably be making decent money starting next year as an attending and wondering how to shield my income? I’ll be working as a 1099 not sure if that’s more beneficial than a w2? If you could post your gross income then what you pay in taxes to give me an idea of what’s a good tax rate? (Source: Student Doctor Network)
Source: Student Doctor Network - August 30, 2022 Category: Universities & Medical Training Authors: forchinet121 Tags: Finance and Investment Source Type: forums

Overhead/PP True Income Questions
Hey guys, I’m a CA-3 looking for jobs for the start of 2023. It has been very difficult to compare incomes between private practices as some include retirement contributions and others do not, there’s a lot that comes off the top, etc. The most frequent issue I’ve come across is determining what a fair amount of that “off the top” is - I’ve found some people pay up to 10% of their income to “billing expenses” then have to pay their own payroll taxes, insurances, contribute to their own... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - August 27, 2022 Category: Universities & Medical Training Authors: NiemannPick Tags: Anesthesiology Source Type: forums

How long would It take for a new dentist to pay off their student debt?
Let's say that after one graduates and gets an entry level dental job. They owe 600k (a bit of a gross exaggeration) in debt but also has the typical salary of 100k after taxes. What kind of interest are we looking at for the debt and how long will it take a graduate to pay off said debt? I am mainly unaware of the interest rate but I do know that it immediately begins when the loan is taken out, during school. Realistically speaking, would becoming a military dentist really put a dent in... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - August 25, 2022 Category: Universities & Medical Training Authors: Riveting Tags: Pre-Dental Source Type: forums

CASPer Scenario For Discussion #31
The corporate tax rate allows corporations to be taxed less than individuals get taxed on their personal income. Those against the concept of corporate taxes being lower argue that it propagates class differences between the upper classes (who typically own corporations) and the lower classes. Those in favor of the idea argue that this allows for business development in the economy and so everyone benefits from it at the end of the day.​ What is your opinion on this... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - July 27, 2022 Category: Universities & Medical Training Authors: PrepMatch Tags: Casper/Situational Judgement Tests Source Type: forums

How to aggressively save/invest and avoid taxes?
Hi 👋 I am looking for financial advices to squeeze as much 💰 as possible, and possibly FIRE... I got multiple contract opportunities for remote jobs, and very possibly double my current salary in a few months, with total comp >= 500k/yr. I have maxed out 401k and HSA. I have two real estate properties worth 2M in total, one for rental income and another one for myself. No student loan debt, only ~1.0-1.1M mortgage. Any tips to avoid paying too much taxes next year? (Source: Student Doctor Network)
Source: Student Doctor Network - July 18, 2022 Category: Universities & Medical Training Authors: letsquitpharm Tags: Pharmacy Source Type: forums

CA In State Tuition and Residency
Will someone who has done highschool in CA, Has CA ID, Votes in CA, Files taxes in CA , Done undergrade outside of CA in a private college , taken a gap year and worked as hourly employee at a university lab outside of CA for a year - How will CA med schools determine residency for tution. Will CA NonResident Student Tuition Exemption (NRST) (AB540) still be applicable as done High school in CA (Source: Student Doctor Network)
Source: Student Doctor Network - June 8, 2022 Category: Universities & Medical Training Authors: jungolala Tags: Pre-Medical (MD) Source Type: forums

paying 50% tax on additional income worth it?
A few examples below for married couples net income after federal,state and local taxes. in a midwest state 400k --> after tax 277k 500k--> after tax 335k 600k--> after tax 390k Does the idea that even if we bust our tail and generate an extra 100k, at these income levels, your going to see roughly half of it go to uncle sam. Does this bother or kill the desire to do this for many of you unless there was some unexpected need for it? For me its an eye opener that it becomes this way... Read more (Source: Student Doctor Network)
Source: Student Doctor Network - May 20, 2022 Category: Universities & Medical Training Authors: finalpsychyear Tags: Psychiatry Source Type: forums