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The Cautious Physician
Staff Reporters
After today’s 777 point drop on the DJIA; 200 points on the NASDAQ; and 106 points on the S&P; a new bailout reconfiguration is being planned in Washington to avert another calamity going forward. Some say, the current strife was brought about – in large measure – by the financial system operating the way financial operators told us it was supposed to function. The money is needed, we are told, to bail out the financiers who assured us – up until just a couple of weeks ago – that the system they operated was sound and would need no rescue. So, what really gives? Since no one knows for sure, MDs should do the following regularly:
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Check your taxation issues. Review your tax returns every year. Review line 53 of the federal tax Form 1040. Total and divide by 12 to show your total tax paid, on average, each month. The result will show excessive taxes paid because of taxable interest, dividends, and capital gain. You will often do yourself a favor by discovering assets that have not been discussed.
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Check with the mutual fund companies that you do business with to see if they have tax-managed portfolios.
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Double-check your arithmetic, and don’t worry so much about taxes that you forfeit by mixing too many income-producing bonds in a portfolio looking for long-term growth.
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Check the fund prospectus and statement to see how much buying and selling are going on inside the fund so you can at least be aware of this and be able to educate your clients.
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Look at companies who “manage” money managers such as SEI and Lockwood Financial, etc.
Assessment
How true, false or parsed are the above perspectives?
Conclusion
Your comments are appreciated?
Related Information Sources:
Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Health Administration Terms: www.HealthDictionarySeries.com
Physician Advisors: www.CertifiedMedicalPlanner.com
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