Practice Finance

Despite today's historic market woes, I have come to the conclusion that stocks or their equivalents are the safest, most convenient, most efficient method of growing your savings and securing your retirement.

I currently hold a credit card with a $5,000 balance and a 15 percent interest rate. I was wondering if I should decrease the amount I am contributing to my retirement plan through work and put the "extra" dollars toward the credit-card debt.

I understand the importance of securing an individual disability policy while still in training, but I recently was told that with my income potential, I should consider securing two policies. Why is that?

I am interested in starting to save for my two-year-old child's college education. I have heard great things about 529 plans and was wondering if that is the only plan I should utilize?

If you've ever attended a trade conference, you know doctors love free stuff. So we're letting you know about a free financial planning book for physicians written by the president of a Dallas-based advisory firm.

When the government starts throwing around billions of dollars, everyone has the same question: What's in it for me?

I plan to add some bonds or other fixed-income assets to my personal investment portfolio. Would municipal bonds be a good idea?

A colleague told me I can give a certain amount of money, tax-free, to my kids each year. Is that true? Will it lower my taxes?

Our group practice has a 401(k) plan. I plan to defer the maximum $16,500 to the plan from my salary. I also do some medical-legal consulting on the side. Can I also establish a 401(k) plan for that business and fund another $16,500?

More than 44 percent of Americans rolled over their entire retirement account distributions to another tax-qualified plan in 2006.

How often should I update my will?

After years of handling my bank accounts perfectly, I made an error that created an overdraft, and I was charged a high fee. Is it worth contacting my bank to see if it will waive the fee?

Our practice is considering a lockbox arrangement. What are the basics?

My professional corporation borrows from a bank, yet the bank requires that I provide a personal financial statement annually. Why is that?

With mortgage rates heading lower, is now a good time to refinance my home?

Few of us learned anything about sound financial behavior from classes in high school or college, which leaves us to learn those lessons on our own -- and usually the hard way.

With real estate prices so low, I'm thinking about buying a single-family home as a rental property. Is it true that I can deduct the tax loss from this type of investment against the salary from my practice?

I hear radio ads and see things on the internet that say there are advantages to incorporating in states that don't levy income taxes. Is that true?

Most of my investments are in mutual funds. A friend of mine told me that I should pay attention to a fund's expense ratio and seek funds with low expenses. What does this expense ratio include?

The government's relief package comes with considerable tax breaks for professionals.

Don't overlook these possible deductions when it's time to file your 2008 taxes.

Every physician should recognize the need for tax planning and the benefits that can result from it. The simple goal is to defer or reduce your practice's tax bill whenever possible.

My spouse works in my medical practice. Should he be paid?

Is it better to give stock that has appreciated or depreciated to a charity?

Because my income is too high, I cannot make a deductible or Roth IRA contribution. Is there any advantage of making non-deductible IRA contributions?