Advertiser disclosure

Terms and Restrictions Apply
Physician on FIRE has partnered with CardRatings for our coverage of credit card products. Physician on FIRE and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. POF does not include all card companies or all available card offers. Credit Card Providers determine the underwriting criteria necessary for approval, you should review each Provider’s terms and conditions to determine which card works for you and your personal financial situation.
Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed, or approved by any of these entities.

The Sunday Best (04/16/2023)

PoF: Sunday Best

The Sunday Best is a collection of articles I’ve curated from the furthest reaches of the internet for your reading pleasure.

Every week, I scan hundreds of headlines, read dozens of posts, and bring you the best of the best to save you time and mental energy.

Financial Independence (FI) is a primary focus, but it’s an awfully broad topic. I tend to approach FI and early retirement from a fatFIRE perspective and through the lens of a physician, so expect to see those biases in the selected articles.

Related topics that have become recurrent themes include early retirement, selective frugality, tax issues, travel, physician issues, and of course, investing.

For more great articles, take a peek at The Sunday Best Archives. Now let’s get to the best… The Sunday Best!

Today’s Sunday Best was written by Dr. Nirav Shah.





Attention all physicians! Tax season is upon us and it’s time to get prepared. But don’t worry, we’ve got you covered with some exciting tax planning tools that have made hundreds of physicians’ tax planning easier! Check out Physician on FIRE’s favorite tax planning tool to make understanding your taxes a breeze.


Every year when taxes are due physicians like you have to be mindful of filing correctly as they are non-negotiable. Your contracts are not and this week we described some methods to help you negotiate your contracts away from automatic renewal! Automatic Renewal Contracts: What are My Options?


Did you know that you can pay your taxes on a credit card? That’s right! You can Pay Your Taxes by Debit or Credit Card or Digital Wallet via vendors affiliated with the IRS, and you can even earn rewards points while paying your taxes. As long as you earn more than 1.85% in rewards, you’ll come out ahead. See how you can Earn 2.25% to 15% Back on Purchases With These 2 Credit Cards.


In other tax news, Tesla recently dropped their prices on electric vehicles to help households qualify for tax credits. The regulations have been dynamic but the IRS has an updated list of qualifying vehicles. Manufacturers and Models for New Qualified Clean Vehicles Purchased in 2023 or After.


Did you know that you can reduce your taxable income using short-term rentals? In this article, the dual physician couple, Drs. Letizia Alto and Kenji Asakura with Semi-Retired MD cover some of the most common ways that doctors are using vacation rentals to save money on their taxes. Tax Benefits of Short-Term Rentals.


Managing your taxes as a business owner or practice owner can be complicated. Above the Canopy  provides excellent guidance on how to manage your taxes as a business owner and optimize your tax strategy in their latest podcast. GMB Ep #174: Helping Business Owners Manage Their Tax Bill With Wendy Barlin.


When I was learning about taxes after I started practicing it felt like a whole new world. Each form seemed to be named without any rhyme or reason. Here are the 15 tax forms you need to be aware of from Sofi: Types of Tax Forms


Given that you will cross different tax brackets across your journey to FIRE, being thoughtful about which money market fund for your tax bracket is useful too. The Finance Buff gives us the Best Fidelity Money Market Fund Based on your Tax Bracket.


Every quarter estimating taxes and making prepayments is critical. Our friend at Prudent Plastic Surgeon has a nice podcast about planning your quarterly payments to the IRS. Estimated Quarterly Taxes.


Increasingly, the IRS is starting to tax past times and income that was not easily taxed before. Humble Dollar has some tips and lessons to keep in mind as you monetize side hustles or past times. Taxing Pastimes.


Much thought and effort goes into building up a nest egg and preparing financially to retire, but exactly how we’ll use those assets to support our lifestyle in retirement doesn’t get as much attention. Prepare your strategy with Retirement Spending: Which Accounts Come First?


The IRS announced implementing of 1099 for venmo that was going to take effect in 2023 but got postponed to 2023. IRS Postpones Implementation of $600 Form 1099-K Reporting by a Year.


Lastly, since many of us procrastinate knowing how to file an extension is important too from White Coat Investor: How to file a Tax Extension.


Have a great time filing taxes and chasing down K-1s!


The Chase Sapphire Preferred Card


The Chase Sapphire Preferred is my top pick for your first rewards card. Welcome bonus of 80,000 points worth at least $1,000 when used to book travel (after a $4,000 spend in 3 mo) and other great perks you can learn abouthere.


Addressing the Physician Pay Gap


This section is sponsored by Forme Financial.

According to the 2023 Doximity Salary Report, physician compensation fell by 2.4% overall in one year. The gender pay gap also decreased in the last year, from 28% to 26%, but that’s still a $110,000 difference. Over the course of a career, that annual gap can add up to more than $2 Million.

Why does the pay gap exist? While some studies show the gap persists when salaries are controlled for specialty, location, and years of experience, there is a difference in working hours that may partially explain the disparity.

According to a JAMA article, single men and women tend to work similar hours, but women tend to work (as a physician) fewer hours when married and particularly when married with children. Studies have also shown that women tend to spend more time with patients and are more likely to care for patients who are uninsured or underinsured. These good deeds are not rewarded financially.


What can an individual do?

  • Determine your priorities: maximizing income or having a flexible work schedule
  • Have a written financial plan and consider following a budget
  • Make informed decisions around debt paydown, investing, and tax minimization

Forme Financial is offering a complimentary compensation analysis for physician readers of Physician on FIRE. Would you like to know where you stand?

Reach out to the professionals at Forme Financial today.


Tax Time or Extension Time?


A big thanks to Dr. Shah for putting together a timely tax-focused Sunday Best today. You’ll be hearing from Leif, as usual, for the remainder of today’s Sunday Best.

For years, I always had my taxes done well in advance of the mid-April Tax Day. Due to 4/15 falling on a weekend, that day is 4/18 in 2023. It seems they usually find a reason to push it back at least a day or two.

Since I started making passive investments in real estate and websites, however, I’ve found myself filing extensions the past few years. This year, I knew I’d be away from home and my mailbox from late February to early May, so I didn’t even bother sending my CPA the documents I had already received before I left. There was no escaping an extension this year.

I have been impressed, though, with the timeliness of many of my K-1s. I’ve already received them from the following:


I may be waiting on just one or two K-1s at this point, and it’s possible they’ll be waiting for me in my held mail when we get back from this trip.

If you’re in the position where you have to file an extention, it’s not as big a deal as it sounds to those who have never done it. Many of us with alternative investments do so routinely. Just follow the helpful instructions from WCI linked above.



View this post on Instagram


A post shared by Physician on FIRE (@physicianonfire)


I’m On a Boat (Again)!


On our first day in Auckland nearly six weeks ago, we took a little cruise around the harbor on a sightseeing boat from the New Zealand Maritime Museum. A few days into the trip, we took a ferry out to see Rotoroa Island, a former alcohol and drug rehab facility that now serves as a rehabilitation site for actual Kiwis (the birds not the people).

Later, on New Zealand’s south island, we enjoyed a couple hours on a boat wandering through the majestic fjord known as Milford Sound.

Later in Australia, we toured the notorious former prison site for the worst offenders and repeat offenders at Port Arthur, and our tour included a boat ride around the harbor at the tip of the Tasmanian Peninsula.

At various points over the last six weeks, we had the option to take additional public and private ferries to various places, but knowing that we’d soon be boarding another much bigger boat, we passed on those opportunities.

Today is Day 2 of 18 on what will be our longest repositioning cruise yet after 13-day and 16-day adventures with the family last year. This is also the biggest ship we’ve been aboard; our cruise director told us last night that there are about 3,900 passengers and 1,500 crew members aboard the Ovation of the Seas. We were impressed and surprised at how many other kids are on this itinerary. There were zero other teenagers on our fall transatlantic crossing on a Princess ship; this Royal Caribbean cruise has about 100 of them, making our boys very happy!

As we make our way north and east, we’ll be stopping twice in New Zealand and at two islands in French Polynesia before heading up to Honolulu and flying home. When you can afford the time, this is an awfully nice way to traverse the south Pacific, and we’ll be crossing both the equator and international date line aboard the ship.

An oddity with crossing that international date line is that we’ll be living 4/20 two times. 🪴 At midnight, the day repeats itself.

I’m not one to celebrate that particular date with greenery unless you count eating a Caesar salad, which I intend to do both days while recalling the significance of 420 being the number of months’ earnings that are used to calculate your AIME when determining Social Security Benefits. If 420 means something different to you (Elon Musk, you out there?), feel free to celebrate in your own not-so-geeky way, whether you get to live the day once or twice.


I've got my 2 acres of non-leveraged, crop-producing, cashflowing farmland via AcreTrader. Get yours.


Have an outstanding week!

-Physician on FIRE


Share this post:

5 thoughts on “The Sunday Best (04/16/2023)”

  1. Subscribe to get more great content like this, an awesome spreadsheet, and more!
  2. Why does a gender pay gap exist? Oh gee, let me see if I can think of any possible reason….no, I won’t say sexism, too obvious…ok people, really… it’s sexism! that is the answer!

    The readers here are super smart people. The wording of that ad is kind of insulting.

  3. Why does a gender pay gap exist? Oh gee, let me see if I can think of any possible reason….no, I won’t say sexism, too obvious…ok people, really… it’s sexism! that is the answer!

    The readers here are super smart people. The wording of that ad is kind of insulting.

    • If it were real, smart employers across every industry would only hire women. They could pay them less, after all, keeping the difference as additional profit.

      • Alan Greenspan had his own firm before he worked at the Fed and he wrote about doing exactly this. (I’m an economist too!)

        Also sometimes sexism expresses itself as an unwillingness to hire women (such as in economics!) There are so very many ways to mistreat others.


Leave a Comment


Doctor Loan up to 100% Financing

Related Articles

Subscribe to Physician on FIRE

If you do not see a subscription box above, please navigate here to subscribe.

Join Thousands of Doctors on the Path to FIRE

Get exclusive tips on how to reclaim control of your time and finances.