Money Meets Medicine · Doctor Podcast Network, Jimmy Turner MD

End of Year Financial Tasks

·35 min·2 clips

An S-corp owner’s reasonable wage can determine whether the IRS treats salary and profit differently.

Justin and Jimmy start with a little holiday banter and the very grounded fact that one of them is living through a kitchen remodel. That sets the tone right away. From there, they turn to the end-of-year money list that can sneak up on busy physicians. The focus is on the tasks that still have a deadline attached to them, not abstract advice. Taxes come first, including the reminder that 1099 income means you owe both the employer and employee side of payroll taxes. Jimmy points out that this can be large enough to put someone on an IRS payment plan if they did not plan for it. That is the kind of mistake the show wants listeners to avoid. They also talk through portfolio cleanup, especially tax loss harvesting. Jimmy notes that he has written a detailed guide on Bitcoin tax loss harvesting, which he jokes about in the middle of the discussion. The larger point is that gains and losses should be understood before December closes. They frame that as a chance to think about giving capital gains to a donor advised fund or tax loss harvesting capital losses if the account mix makes it useful. Rebalancing comes next. The hosts treat it as another year-end task that can be simple or more active depending on whether you work with an advisor. Jimmy says his own version is more of a once-a-year reset. The conversation keeps coming back to the idea that some of these checks belong on a regular schedule, not just in the final week of the year. Even so, December is when the list gets attention. The episode keeps the advice close to real life and never wanders far from what someone can do next. It is practical, a little funny, and built around the habits that keep financial housekeeping from turning into a January regret.

As heard by us

A conversational year-end finance checklist with practical tax and portfolio reminders.

Money Meets Medicine folds a late-December check-in into a practical year-end finance checklist. The episode moves from tax reminders to portfolio cleanup and rebalancing without losing its conversational rhythm, and the kitchen remodel in the background gives it a lived-in…

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Why you'd press play

You need a physician-friendly year-end money checklist before December runs out.

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