The majority of ER docs will earn contractor pay at some point in their career, which opens the door to new types of retirement accounts. One highly praised type is the individual 401(k). With all the great potential it brings, it also comes with additional responsibilities that can easily be overlooked if not careful, especially when considering the sheer number of tax deadlines and responsibilities an ER doc has.

On today’s episode, we’ll discuss the upcoming Form 5500 deadline, go over the scary consequences of not filing it, and conclude with what can be done if you realize you haven’t filed in the past when you were liable to.

Maslow’s Hierarchy of Needs is a psychology theory that details our motivations as humans. Within that model, things like food, water, and health are all vital. But so, too, are employment status and property – actually within the same tier as health and safety. That shouldn’t be a surprise; our ability to fund our survival goes hand-in-hand with surviving itself. Yet, it’s almost like our brains can’t wrap around the concept that we will not work at some point in the future, whether we care to or not. That means the planning we do with our money today serves as the replacement for the work we won’t be able to do in the future.

On today’s episode, we’ll remind listeners of the importance of making incremental progress toward financial goals and adhering to a plan.

What does the termination of a deferred compensation plan actually mean for employees? In the case of Envision, it appears to mean receiving a windfall of money upfront that was likely earmarked for retirement purposes. And if that wasn’t challenging enough, there’s inevitably going to be a tax hit that may not be fully realized until over a year after the funds are received. That’s a lot of responsibility and will definitely test the discipline and planning system of these affected ER docs.

So in today’s episode, we’ll discuss the specifics of Envision’s deferred comp plan termination (dates, distributions, and of course the tax impacts you should be aware of), but also give our insight into these plans in general when it comes to a savings option for ER docs.

There’s been a recent uptick in longevity protocols, research, medicine. There’s a lot of bio-hacking methods like fasting, ice baths, grounding, avoiding microplastics and other forever chemicals – basically it’s a hot topic and it’s exciting, enticing, and promising. However, what most people don’t consider is the financial impact of living longer. We can extend our lives, but how do we fund our lives now that we are living longer?

On today’s episode, we’ll get into the specifics of longevity as it pertains to a financial plan and asset management.

Social media is explosive and fast-paced. It’s also a breeding ground for misinformation. If you’re an ER doc who is maybe in a place where you’re looking for any opportunity to pivot out of EM, or simply looking for an alternative source of income, you may find yourself intrigued by an influencer’s unscrupulous financial advice.

On today’s episode, we’ll go over some of the common TikTok-esque financial trends clients have recently shared with us and give our words of caution on them.

There’s no question that most tax schemes blur the lines between fact and fiction. Every deduction can run afoul quickly, especially if abused. So much so that the IRS annually releases its own list to educate and inform the public about these schemes.

On today’s episode, we go over the “dirty dozen;” many of which target high-income earners, like ER docs, to ensure listeners are aware of the difference between tax scams and legitimate tax strategies.

Back-taxes are accompanied by repetitive, concerning, and somewhat threatening letters from the IRS and third-party collectors. It can be intimidating. And it should be. The IRS is no joke. That’s when tax resolution companies take advantage of your vulnerability and attempt to sell a miracle pill. The reality is: you only have so many options with the IRS and as an ER doc, it’s very unlikely anything but paying the balance back is going to be available to you.

So on today’s episode, we’ll discuss the over-promise and under-deliver nature of tax resolution companies and get transparent on what actual tax resolution looks like.

Each and every year, the single largest expense an ER doc pays is their taxes. This means a large percentage of our professional careers is spent staying on top of current tax legislation and strategizing around ways to legally reduce taxes for our clients. We’ve all grown accustomed to the current tax code and laws, but things do change, and inevitably will change, by the end of the 2025.

On today’s episode, we discuss what changes will occur if nothing is done and what impacts those changes will have on high-income earning ER doctors.