In this special tax season episode, we welcome back Evgeni Ivanov, a friend of the show and our resident tax expert, to discuss essential tax considerations for anesthesiologists and pain management physicians. As we dive into the complexities of Form 1040 and its schedules, Evgeni provides invaluable insights into optimizing your tax returns, ensuring you don’t pay more than necessary.

Listen in as we cover critical checkpoints on your tax forms, such as IRA distributions, capital gains and losses, and the importance of understanding your effective tax rate. You’ll hear practical advice on avoiding common pitfalls—like the double taxation of backdoor Roth IRA contributions—the significance of tax loss harvesting to reduce taxable income, and more.

What You’ll Learn In Today’s Episode:

  • The importance of correctly reporting IRA distributions to avoid unnecessary taxation.
  • How tax loss harvesting can be a strategic tool for managing taxable investment accounts.
  • The calculation of your effective tax rate and its implications on tax planning.
  • Key considerations for ensuring past capital losses are carried forward correctly on Schedule D.

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