Learning from last years mistakes
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Wow, its been over a year since i’ve posted on this website. However, I still do want to provide the kind of information that we as medical resident need to be not only medically successful but also to be financially successful. I have made a bunch of mistakes that I know I should not have done. Here are the mistakes that I made and the things and I will change looking toward the future:
- Student Loan Interest Tax deduction: Everyone is entitled to the 2500 dollar tax deduction which is about 700 dollars off of your tax bill. That is like a 30 percent return on investment. Please remember to pay 2500 dollars of your student loan money (just the interest part) back before the end of the year!
- Roth IRA contribution: Please take advantage of this government tax benefit that you can use while your income is low enough to qualify. This year, the contribution is 5000 dollars. If you are planning on investing given the low price of stocks now, it makes more sense to put your money to work in a Roth. This is because if you were to put money into a brokerage account, you would be putting in after tax money and be taxed on your gains as well. In a Roth, you keep all your gains. Also, you can take out your money anytime you want just in case (just the money you put in and not the money that you’ve gained from investment) So it is a win win situation!
- Airline Miles: I know a lot of us have a lot of airline miles because we travel a lot for interviews. 25,000 miles can get you a free flight. Don’t let these miles expire. I lost 18 thousand miles on US air because I did not keep track of the expiration date. You can usually “update” your miles by flying within the expiration date on that airline or redeem some of your miles for magazine subscriptions or even patronizing their partners like restaurants, car rental agencies, etc.
- Flexible Savings Accounts: a lot of programs offer this as an alternative way of paying for medical expenses. This includes everything from office visit copays to contact lens solution. Everything here is pretax so you make about 30 percent straight up by using this program. But remember, you need to use the money before the end of the year or you lose it. I’ve put in about 1000 dollars into the program this year.
- Work on your W4: Remember that when you do your W4’s you don’t need to put “1″ as your withholding. It does not equal how many people you have in your family or the number of dependents. Hopefully spending a little bit of time on a slow weekend day, we may be able to get the most bang for our buck on the limited salary that we do have.
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Comment by Jerry
You’re back! Hurrah! How is residency treating you?
Your advice about Flex Spending Accounts is very good, indeed. We used ours for health insurance co-payments, but there was still some money left at the end of the year, and we made sure that we used it all up before the deadline. You don’t want poor planning to lead to a waste of money.
Jerry
Comment by furniture stores
Glad your back posting. I have also similar mistake. I did not claim my taxes, and was told it was to late to fix this mistake, but then my boss told me that you have 1 years to fix the mistakes that you make when filling your taxes. I don’t make this same mistake again!!!
-Miyaka Yusheto
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Comment by Jessica Mason
hay
its good to see how the things people dont change even after a year
but it never to late just plan your thing and then they will in really good shape
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