Episode 62: Tax Strategies to Keep More of Your Income

In Episode 62 of Doctor’s Wealth and Wellness, host Norm Wright, a Certified Financial Planner with SKC Financial Group, dives into three powerful tax-saving strategies tailored for physicians to keep more of their high income. He highlights leveraging tax-advantaged accounts like HSAs and 401(k)s to reduce taxable income, strategically deducting practice expenses such as equipment and CME courses, and using tax-loss harvesting to offset investment gains, potentially saving $20,000–$30,000 annually. Backed by 2025 data from Fidelity, MGMA, and Schwab, Norm empowers his physician audience with actionable steps—like increasing contributions, reviewing expenses with a CPA, or consulting a CFP for portfolio losses—to optimize their finances. He wraps up with a challenge to pick one strategy and act this week, reinforcing the podcast’s mission to guide physicians toward wealth and well-being. Examples in this episode are hypothetical and not representative of a specific individual.