How to Build Your Bright Future Today
A Comprehensive Guide to Prepare Physicians for the Current Health Care Era
by
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Do you gain any tax advantages by continuing to claim your children as dependents?
The answer is YES. You can write off a number of expenses incurred for your child after he/she leaves home for college, which includes the following:
1. Medical Bills and durable medical equipments: are deductible as medical expenses for the household even though for you as a high-earner it may not amount to significant tax benefits unless and until you have spent considerable amount of money on medical bills for your child. However, the benefits may be substantial during a year when your child was seriously ill or was involved in an accident and the medical bills were substantial.
2. Camp expenses, which may include summer camps
College expenses: The tax benefits come in two flavors:
a. Education credit and b.Tax credit.
The educational credit allows you to receive a $ 2500.00 tax credit per year towards your child’s college tuition. However, this tax credit has income limitation. It phases out at an annual income of $ 90,000.00 if you are filing your taxes individually and $ 180,000.00 if you are filing jointly with a spouse..........
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About the Book
As a new physician, you face numerous questions: How do you decide what type of medicine to practice? How should you prepare for your residency interview? Where do you want to settle after your training? Dr. Rashed Hasan, a pediatrician, knows that it’s not always easy to answer that question. He offers advice that can help you decide what’s right for you, answering the questions above and also providing insights on
determining the right time to buy a home;
negotiating contracts with hospitals;
building a sound financial life;
deciding whether to open your own practice or join a group; and
navigating the tax code to maximize earnings.
He includes practical information for new and established physicians on a variety of topics, such as improving leadership skills, maintaining health, responding to malpractice claims, and preparing for retirement. Hasan also explores the ramifications of recent changes to the health care system, including the Affordable Care Act.
While it isn’t perfect, the medical profession can be everything you dreamed it would be when you learn how to build your future today.
About the Author
Rashed Hasan, MD, FAAP, is board certified in pediatrics and pediatric critical care. He has practiced in the United States for more than twenty years, and he has served on the academic faculty at Michigan State University, Harvard Medical School, and the University of Toledo. He is currently a professor of clinical pediatrics at the University of Toledo.