As medical professionals, we’re great at taking care of our patients. But sometimes, we’re not as good at taking care of our finances. I certainly wasn’t before starting my comeback story! One of the big areas within personal finance that we need to optimize is taxes. I use Alexis Gallati from Cerebral Tax Advisors as my tax advisor. Alexis recently launched Cerebral Wealth Academy and decided to kick things off with an incredible course called “The Doctor’s 4-Week Guide to Smart Tax Planning.”
In this review, I’ll share my thoughts on the course. I’ll also share why I think it’s a valuable resource for doctors, especially those of us with side jobs.
My personal experience
When I first heard about “The Doctor’s 4-Week Guide to Smart Tax Planning,” I was intrigued. I have done my own taxes in the past. And with Alexis as my tax advisor, I’ve learned a ton. So I had some knowledge but definitely had room to grow. And while she now does pretty much all of the work for me, I still needed this education. Because just like with a financial advisor, I still want to be fully informed and understand what is going on – why I am taxed the way I am and what I need to do about it. I also want to be sure that everything I am doing is kosher with the IRS!
The course is structured into 5 modules. And each focuses on a different aspect of tax planning. What I appreciated most was its straightforward approach. There’s no financial jargon to wade through. Instead, it’s all about practical, actionable strategies that can make a real difference.
In week one, the focus is on laying the groundwork – understanding the basics of tax planning and why it’s essential, especially for us physicians.
The following weeks delve into more specific strategies, from retirement planning to combining various tax-saving methods. Alexis does a great job of breaking down complex concepts into digestible pieces of information.
Beyond the core content, the course also offers several valuable resources. Each module comes with handy templates and worksheets. I found this makes what you learn directly to your situation more manageable. There’s also access to an exclusive community, which is a goldmine for sharing experiences and insights with fellow doctors.
Plus, the monthly Open Q&A sessions with Alexis herself are incredibly beneficial. It’s an opportunity to clarify doubts and get advice tailored to your unique circumstances.
Even with my experience and learning from Alexis in person, I found I gained a ton of valuable information.
The course is meticulously structured, making it easy to follow and understand. Here’s a brief overview of how I personally approached the course:
- Week 1: Covered the first two modules. This week is all about the fundamentals. It dives into why tax planning is crucial, especially for physicians, and we also learn about different types of business entity setups, which is super helpful for anyone running a side gig. The focus here is on setting up a solid foundation for more advanced strategies.
- Week 2: Focused on what expenses we can deduct. This part was all about understanding what costs we can write off in our practices and side jobs, like office supplies and even using part of our homes for work.
- Week 3: Dived into retirement planning. In this module, the course walks through various retirement plans, discussing their pros and cons. It was enlightening to learn about different strategies around retirement planning that aren’t commonly discussed.
- Week 4: The last week tied everything together. The final week is about integrating various strategies for comprehensive tax savings. This was the most exciting part, where I saw how different pieces of the tax puzzle fit together to maximize savings.
- Bonus for Expert-Led Package: For those opting for the expert-led package, there’s an additional module on extra tax strategies like medical reimbursement plans, Health Savings Accounts, and more.
The way the course is laid out makes it really manageable, even with our busy schedules as doctors.
A key reason why “The Doctor’s 4-Week Guide to Smart Tax Planning” hits the mark for us medical professionals is the expertise of the course instructor, Alexis Gallati.
My personal experience working with her as my tax advisor has given me a firsthand view of her in-depth knowledge of the financial challenges unique to physicians. Alexis comes with over two decades of experience in tax planning and compliance, specifically focused on healthcare professionals. Her approach combines high-level strategic planning with practical, implementable solutions.
What really stands out is Alexis’s ability to simplify complex tax concepts into advice that’s easy to understand and act on, a skill that shines throughout the course and ultimately led me to choose her as my tax advisor. Her educational background, including two master’s degrees in Business Administration and Taxation, and her certifications as an Enrolled Agent, NTPI Fellow, and Certified Tax Strategist speak volumes about her proficiency.
Moreover, as the spouse of a physician, she brings a personal touch and understanding to her guidance, making her insights not just professionally sound but also deeply empathetic to our specific needs and circumstances.
Why I recommend this course to other physicians
As someone who always advocates for physicians to take charge of their financial futures, I wholeheartedly recommend “The Doctor’s 4-Week Guide to Smart Tax Planning.” This course isn’t just a collection of lectures; it’s a comprehensive toolkit for financial empowerment. Here’s what makes it stand out:
- Empowerment for DIYers: This course is a goldmine for those who like to be hands-on with their tax planning. It’s not just about feeding you information; it equips you with practical tools and knowledge for immediate application. The course offers more than just video lessons; it includes a wealth of additional materials like templates, worksheets, and access to an exclusive community. These resources, along with monthly Open Q&A sessions with Alexis Gallati herself, enhance the learning experience significantly.
- Comprehensive Yet Understandable: The course covers a wide range of topics but does so in a way that is understandable and applicable, even for those without a background in finance.
- Tailored to Physicians’ Needs: The content is specifically designed for physicians, addressing the unique challenges and opportunities we face, particularly when managing side gigs alongside our primary medical practice.
- Flexible Learning for Busy Schedules: The structure of the course is perfect for busy professionals. You can work through the material at your own pace, fitting it around your hectic schedule.
Even if you plan to have someone else help with your taxes, this course gives you the information you need to make sure you are maximizing your opportunities. Remember, you do need to pay your taxes. But you don’t need to pay more than necessary.
As a bonus, you are also able to apply part of the course fee towards a Customized Tax Plan Design with Cerebral Tax Advisors. This option is great for anyone who, after the course, feels they need more personalized assistance with their tax planning.
Either way, Alexis and her team at Cerebral Tax Advisors have created a resource that can profoundly impact your financial well-being.
For more information on how doctors can optimize their taxes, you can also check out these posts:
- Can Doctors Learn to Lower Their Tax Burden?
- 5 Ways W2 Physicians Can Lower Their Taxes
- How Medical Professionals Can Use Taxable Losses to Lock In Tax Advantages
- 3 Important Things to Know About Our Progressive Tax System
What do you think? How have you managed your taxes? Do you feel you have more to learn? Any strategies you feel you are underutilizing? Let me know in the comments below!