Those extra shifts you take may not be worth as much as you think. Check out our Moonlighting and Taxes info page!
Read MoreDoctored Money Blog
Doing resident taxes for the first time? See our newly updated "Taxes for Interns" Page!
Check out of tax guide for new medical school graduates aka interns who are probably preparing taxes for the first time. Surprised by your tax refund (in either a good way or bad way)? We explain why that happened, and what to expect for next year. Come learn with us!
Read MoreDid you consolidate a student loan in 2018? You can probably get a deduction on your taxes for student loan interest “paid”!
Did you pay any student loan interest during 2017? If so, you may be able to deduct this from your taxes and save some money. If you paid any interest, and your income (specifically your Modified Adjusted Gross Income) is less than $80,000 (single) or $165,000 (married), you can deduct at least a portion of your student loan interest paid. You must have some income in 2017 from which to deduct the student loan interest.
The maximum amount of the deduction is $2500. How much this saves you in taxes depends on your federal and state tax bracket. But regardless, if you owe any taxes in 2017, and you paid any interest, you can likely reduce your total taxes paid!
Read More$2000 "Cash Back" for Interns on taxes! Don't miss out on the Lifetime Learning Credit!
If you graduated from medical school during 2018, paid any tuition DURING 2018, and have any income for 2018 (e.g. your half-year’s intern salary), then you likely qualify for a tax break called the Lifetime Learning Credit (LLC), which is worth up to $2000. Don’t miss this!
Read MoreDid you consolidate a student loan? You can probably get a deduction on your taxes for student loan interest “paid”!
Did you pay any student loan interest during 2017? If so, you may be able to deduct this from your taxes and save some money. If you paid any interest, and your income (specifically your Modified Adjusted Gross Income) is less than $80,000 (single) or $165,000 (married), you can deduct at least a portion of your student loan interest paid. You must have some income in 2017 from which to deduct the student loan interest.
The maximum amount of the deduction is $2500. How much this saves you in taxes depends on your federal and state tax bracket. But regardless, if you owe any taxes in 2017, and you paid any interest, you can likely reduce your total taxes paid!
Read More$2000 "Cash Back" for Interns! Don't miss out on the Lifetime Learning Credit!
If you graduated from medical school during 2017, paid any tuition DURING 2017, and have any income for 2017 (e.g. your half-year’s intern salary), then you likely qualify for a tax break called the Lifetime Learning Credit (LLC), which is worth up to $2000. Don’t miss this!
Read MoreWho knew a W-4 Form could be so exciting?!
Hi all, we have a brand new page up in our taxes section, related to understanding and filling out a W-4. What's that you say? You are graduating medical school and you've never had a real job and you don't know what a W-4 is? Or perhaps you mistakenly think that's the form that requires "One from List A OR one from List B AND List C"? Well then this page is for you!
But maybe you have indeed filled out out a W-4 before, but threw a random number down in Box 5 and got blindsided by a large tax bill when you filed your taxes and wondered what the heck happened. Well, this page is for you also.
Most employers won't pay you without a W-4 (AND an I-9 I should add), so it's time to figure it out. A W-4 is the form in which YOU tell your employer how much in federal taxes you may owe, and lets them know how much to withhold and send to the IRS on your behalf. It can be particularly tricky if you have two jobs, a working spouse, or high income. Withhold too little, and you end up owing penalties and interest on the underpaid tax (in ADDITION to a large unexpected tax bill in April). Withhold too MUCH, and you've given the government your money to hold onto for you, for no good reason.
Many MD's will be transitioning to new jobs this summer and will need to fill one out. So head over to our Taxes section now, read up on W-4 forms, and be prepared!