CPA Spencer Carroll joins the show to unpack tax strategy for physicians: why your income type matters more than your income, and where the real savings hide. Whether you're a W-2 employee, a 1099 locums doc, or a K-1 partner, the levers you can pull are wildly different.

What you'll learn:

• Which of W-2, 1099, and K-1 is the best—and worst—way to get paid as a physician
• When an S corp actually makes sense, and how "reasonable salary" really works
• The truth about real estate professional status and the short-term rental loophole, from a CPA who owns rentals himself
• The one red flag that means you're probably overpaying: barely talking to your CPA all year

Resources:

• Head to moneymeetsmedicine.com/cpa to book a complimentary call with Gelt and get 10% off your first year. Subscribe to Money Meets Medicine wherever you get your podcasts, and leave a rating—it helps other physicians find the show.

Disclaimer: This episode is a part of a paid partnership between Physician Philosopher LLC with Better Technologies Inc. (DBA Gelt), a tech-enhanced tax-strategy company.

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Dr. Jimmy Turner cut back to part-time at 35—and ended up on antidepressants. FIRE wasn't the escape hatch he expected.

FIRE—financial independence, retire early—promises an exit from burnout. But what happens when you finally get there and realize you don't know who you are without medicine? Jimmy and Justin make the case for FIWO (financial independence, work optional) instead.

Resources:

Disability Insurance: Every physician needs to get individual disability insurance while in training. Get a quote from Money Meets Medicine Disability Insurance, a company you can actually trust. Built by doctors, for doctors.

Does your CPA only reach out in March each year and show you a giant tax bill? You need tax strategy, not just tax filing. Click here to get a 10% discount code to work with Gelt, the same tax strategy team that Jimmy personally uses.

Every physician needs basic financial literacy. Get a free copy of Dr. Turner's best-selling book, The Physician Philosopher's Guide to Personal Finance.

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What if your first three years as an attending decide whether you work three days a week in your 40s—or six days into your 60s?

Dr. Jimmy Turner burned out early in his career—antidepressants, 1.3 FTE, the works—before discovering the fix: working less. He and Justin Harvey, CFP, break down Coast FIRE, your Wealth Accumulation Rate, and why the savings decisions you make right out of training set a trajectory you'll feel for decades.

What you'll learn:

• Why a ~30% Wealth Accumulation Rate early on can buy you a 3-day clinical week later
• How Coast FIRE lets you save less down the road and still reach financial independence on time
• The two kinds of autonomy—personal and professional—that really drive physician burnout
• A smarter take on "live like a resident" so you can enjoy your income without losing the plot
  

Resources:

Are you a 1099, locums doc, or private practice partner or business owner? You need a tax strategy team. Get 10% off working with the team I use here (Gelt): 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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