Carole Foos

1 month ago | dermatologytimes.com | David Mandell |Carole Foos

1. Qualified retirement plans (QRPs) and IRAsQRPs include defined contribution plans, like 401(k)s or 403(b)s, and defined benefit plans, such as cash balance plans, which we have previously covered in this column. From a tax point of view, these tools all provide a current tax deduction against a dermatologist’s income, making them extremely attractive for tax planning. These tax deductions can vary from the $20,000 range for 401(k)s to $200,000 or more for certain types of defined benefit plans.

Mar 21, 2025 | dermatologytimes.com | David Mandell |Carole Foos

With the results of the 2024 election, the Republicans now control Congress and the White House and have promised significant tax changes in their public statements. Of course, no one knows exactly what changes, if any, will be enacted until proposals are officially made, votes are tallied, and the president has signed any new tax rules into law.

Mar 17, 2025 | healio.com | Sanjeev Bhatia |David Mandell |Carole Foos

Orthopedists, like all physicians, typically have tax reduction and long-term wealth accumulation at the top of their financial objectives. The strategy of tax diversification is valuable to achieve both goals and is a concept that Carole C. Foos, CPA, and David B. Mandell, JD, MBA, have presented for more than 20 years to doctors across the United States. In early 2025, we want to revisit this tactic and highlight its importance for physicians and other high-income earners.

Feb 28, 2025 | healio.com | Sanjeev Bhatia |David Mandell |Carole Foos |Gina Brockenbrough

Key takeaways: It is important for physicians to diversify their wealth according to tax rate exposure. Diversification across tax buckets puts one in a position of strength and provides options for withdrawing income. Physicians typically have tax reduction and long-term wealth accumulation at the top of their financial objectives. The strategy of tax diversification is valuable to achieve both goals and is a concept that Carole C. Foos, CPA, and David B.

Nov 26, 2024 | dermatologytimes.com | Carole Foos

Many dermatologists have charities to which they would like to donate, but they are not sure of the best way to do so, tax-wise. This article will address a tool that can effectively achieve 2-fold benefits: the charitable remainder trust. Achieving a Win-Win Properly done, charitable planning can create a win-win scenario: a gift to a worthy cause and tax benefits for the donor and their family.