Medical Resident Payment for Under-Serviced Area is “Free”?
Is an amount received by a medical resident for an agreement to practice (return of service) in an underserviced area taxable?
After years of hard work and sleepless nights, you’re doing your residency and are about to graduate. Congrats! Now, down to business. Your life is about to change drastically. What you may not realize is how easy it can be to make costly errors as you scramble to get a handle on medical practice finances.
Running a financially healthy practice comes with its own unique set of challenges and opportunities that demand financial acumen to navigate.
We get it: your schooling offered little financial planning insights for doctors, so it’s normal to feel like you don’t know what you don’t know. There’s a lot to learn about medical practice finances, so it’s normal to feel like you don’t know what you don’t know.
But you can relax. We’ve guided hundreds of residents through this transition from resident to practice. And we can help navigate big questions like:
