Maximize Your Signing Bonus: Smart Tax Strategies for New Attending Physicians

Starting your first attending job after residency or fellowship? You might be expecting a signing bonus, a common practice that can be a real financial boost. While the amount varies depending on your specialty, location, and employer (surgical specialties often see the highest bonuses!), it can be a welcome relief after years of training and upcoming moving expenses.

However, many are surprised to learn that signing bonuses are often paid and reported on a 1099 form, not a W-2. This means no federal taxes are automatically withheld. If your regular paycheck withholdings aren't enough (they most likely aren't), you could face a significant tax bill come April.

Don't get caught off guard!

At Tailwind, we specialize in helping medical professionals understand and manage their finances. We can help you:

• Analyze your financial and tax situation: We'll review your income, deductions, and potential tax liabilities.

• Optimize your bonus payment: We'll explore strategies to minimize the tax impact of your bonus.

• Plan for your financial future: We'll help you create a comprehensive financial plan that includes budgeting, debt management, and investment strategies.

Ready to learn more?

Schedule a consultation with our team today and take control of your financial future!