Navigating Taxes, Medicine & Family with Erin Anderson, CPA

In this episode of The Patient Physician, meet Physician's Resource Services' own Erin Anderson, a CPA with a unique background in agriculture, medicine, and business, to discuss the intertwining of her professional and personal life. Erin shares her journey from earning degrees in Agricultural Economics and Accounting to becoming a CPA, and her valuable experience in tax planning for medical professionals. Supported by her unique perspective as the spouse of an anesthesiology resident, Erin emphasizes the importance of tax planning rather than tax filing, offering invaluable advice on tax strategies for physicians. She also delves into the personal challenges and triumphs of balancing her career, supporting her husband through his medical training, and raising three children, offering a deeply personal look into the life of a physician's spouse.

This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation. Advisory services offered through PRS Investment Advisors, a Member of Advisory Services Network, LLC. Tax services and insurance products offered through Physician’s Resource Services. Advisory Services Network, LLC and Physician’s Resource Services are not affiliated. All information contained herein is derived from sources deemed to be reliable but cannot be guaranteed. All views/opinions expressed in this podcast are solely those of the presenters and do not reflect the views/opinions held by Advisory Services Network, LLC.

MEET OUR GUEST: Erin Anderson, is a Certified Public Accountant with a unique background that bridges agriculture, business, and medicine. Erin earned her bachelor’s degree in Agricultural Economics and Accounting and her master’s degree in Agriculture from Oklahoma State University. She became a CPA in 2018 and has since built her career around tax planning and preparation, working in both industry and public accounting before joining PRS in December 2021. What makes Erin’s perspective especially valuable is her connection to the medical field — she’s married to a physician currently completing his residency, giving her firsthand insight into the financial challenges and opportunities that come with a career in medicine.

TIME STAMPS:

00:00 Introduction and Guest Background

02:40 Erin's Journey into Accounting

04:06 The Unique Perspective of a CPA Married to a Physician

08:35 Common Tax Mistakes Physicians Make

15:51 W2 vs. 1099: Tax Strategies for Physicians

26:58 The Importance of Tax Planning

31:18 Providing Value to Clients with Tax Strategies

32:06 The Importance of Proactive Meetings with CPAs

32:43 Navigating Life Changes and Financial Decisions

34:08 The Unique Challenges of Physician Spouses

36:11 Personal Stories and Sacrifices

39:39 Support Systems and Community

44:04 Looking Forward: Future Plans and Advice

54:37 Final Thoughts and Reflections

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