17: Understanding Tax Deductions and Credits

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 9 June 2017

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Understanding Tax Deductions and Credits.

If you've ever wondered what the difference between tax deductions and tax credits is and desired to lower your tax bill, this is the podcast episode for you.

If you found this podcast useful, visit our blog at http://whitecoatinvestor.com/ for more personal finance and investing information. Find an engaging and helpful community in our forum at http://whitecoatinvestor.com/forums/

This episode is sponsored by DrDisabilityQuotes.com . Bob Bhayani, MBA, is managing partner for a truly independent provider of disability insurance planning solutions to the medical community nationwide. Bob regularly lectures at hospitals and faculties regarding creation of income protection and risk management solutions. Bob has specialized in working with residents and fellows early in their careers to set up sound financial and insurance strategies. Bob has leveraged his decades worth of relationships with top insurance companies to deliver discounts to all eligible applicants. DrDisabilityQuotes.com is an interactive website where physicians are able to gain a wealth of knowledge regarding disability insurance and also run instant life insurance comparison quotes from various companies. For your insurance needs contact Bob at [email protected] or 973-771-9100.

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here's your host, Dr. Jim Dolly.
0:20.0	Welcome to Podcast 17. We're going to be talking about tax deductions with this podcast.
0:24.0	This episode is sponsored by Bob Bionny at DrDisabilityQuotes.com.
0:29.0	There are a truly independent provider of disability insurance planning solutions to the medical community nationwide.
0:35.0	Bob specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies.
0:42.0	Contact Bob today by email at info at drdisabilityquotes.com or by calling 973-771-9100.
0:53.0	We're having a lot of fun here at the White Code Investor. One of us, my wife, is nowhere to be seen. She's halfway across the world in Finland right now.
1:03.0	It seems that with our younger kids finishing school this week, we couldn't go on a vacation together.
1:09.0	But we decided that one of us still could, so off she went.
1:13.0	But while the cats away, the mice will play and we're having lots of fun around here trying to fill in for her.
1:19.0	It turns out she does a lot of stuff around the house so you never realize until she disappears.
1:23.0	But today, we're going to be talking about something that's incredibly boring. Tax deductions. I don't know why you guys even listen to this stuff.
1:31.0	This can't possibly be the most interesting podcast available to you on your phone. But we'll try to make it as interesting as we can.
1:39.0	Before we get into that, the quote of the day today is from Charles Farrell, who said,
1:45.0	all decisions you make should help move you from being a laborer to being a capitalist.
1:51.0	All right, deductions. Everybody wants more deductions.
1:56.0	A deduction is not necessarily a good thing though. Remember, a deduction isn't expense.
2:01.0	And even though you get to subtract it from your taxable income,
2:07.0	you actually spend more on the expense than you get to deduct from your taxes.
2:14.0	So it's not always a good thing to have more deductions. It means you spend more.
	...

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