The Year-End Tax Moves Doctors Miss (w/ Spencer Carroll from Gelt)

On the Money Meets Medicine podcast, Dr. Jimmy Turner and CPA Spencer Carroll of Gelt discuss why physicians should plan taxes before December 31 rather than focusing only on filing in spring, citing Turner’s unexpected $36,000 tax bill as a consequence of compliance-only CPA work. They explain year-round tax strategy, the value of Q4 projections to avoid penalties and surprises, and key year-end actions such as paying reasonable S-corp salary by 12/31, making employee solo 401(k) contributions by 12/31 (while some employer contributions and certain plan setups can occur by filing deadlines), HSA timing including the “last month” rule, tax-loss harvesting, managing income/expenses, charitable giving strategies like donor-advised funds, and hiring/payrolling kids or spouses before year-end. 

Resources:

Start your Year-End Tax Review with Gelt and get 10% off as a Money Meets Medicine listener: https://moneymeetsmedicine.com/CPA

Every doctor needs own-occupation disability insurance. Get it from a source you can trust: https://moneymeetsmedicine.com/disability

Want a free copy of The Physician Philosopher's Guide to Personal Finance? Snag your copy here: https://moneymeetsmedicine.com/freebook

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