Tax Clinic for Doctors

Tax Clinic for Doctors

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SPEAKER 1
Okay guys, this is part two of my tax basics talk. So in this part two, we're gonna learn about adjusted gross income, of course, through the story of Dr. Kimchi and Dr. Kimbap. Just to recap on part one, we talked about gross income. So gross income is sum of all income unless exception like section 121,
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home gain exclusion applies. And understanding these exceptions that lower gross income is a big part of tax planning. And gross income is a starting point of every individual's tax return. So let's talk about adjusted gross income on 1040 Anonomy. So adjusted gross income is also called AGI. for easy communication.
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As you can see, gross income becomes adjusted gross income, but not magically. There's some transformation that happened right here. And what is that? Guess what that transformation is. If you guess adjustment, you're correct. That's called adjustment, adjustment. Also called adjustment deduction. Its nickname is above the line deduction. You're gonna see that term a lot.

Tax Basics for Residents and Fellows

What I Wish I Knew Before Becoming an Attending: Part 2/3
Kenny Kim, EA, MD's avatar
Kenny Kim, EA, MD
May 02, 2025
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I knew nothing about taxes until I became an attending.

That’s why I created this three-part lecture series — to help you build a solid tax foundation you can use for the rest of your career. Understanding how taxes really work can save you thousands, if not millions, over your lifetime. Let’s get you started on the right path.

Part 2: Adjusted Gross Income — The Hidden Power

In Part 2, I explore how adjustment deductions transform gross income into Adjusted Gross Income (AGI) — a number that unlocks critical tax benefits like credits and additional deductions. Using real-world examples, I'll show you how side gigs, business expenses, and smart planning can dramatically lower your AGI and maximize your tax savings.

My Offer

If your residency program is interested in incorporating tax education, please reach out! I’m available to travel to any program within California for live lectures, and I can deliver Zoom lectures for out-of-state programs.

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0:58
As you can see, gross income becomes adjusted gross income, but not magically. There's some transformation that happened right here. And what is that? Guess what that transformation is. If you guess adjustment, you're correct. That's called adjustment, adjustment. Also called adjustment deduction. Its nickname is above the line deduction. You're gonna see that term a lot.