On this episode of the Money Meets Medicine podcast, host Dr. Jimmy Turner and co-host Justin Harvey CFP discuss Jimmy’s surprise $36,000 2025 tax bill after household income rose into the $500,000–$1,000,000 range, phasing out tax breaks like the child tax credit and qualified business deduction, and raising his effective rate from ~25% to 31%.
They review contributors, such as using Roth 401(k)/403(b) contributions (increasing taxable income) and taking the standard deduction after front-loading charitable deductions via a donor-advised fund in 2024. They explain safe harbor concepts, note new tax changes from the “One Big Beautiful Bill Act” (including SALT cap rising to $40,000 but phasing back to $10,000 as income approaches ~$600,000), and emphasize year-ahead planning to manage AGI. And they even discuss one of the most over-hyped opportunities pitched at physicians that you should consider avoiding.
Resources:
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