509: What’s in the One Big Beautiful (Tax) Bill?

When I was a young surgeon just coming out of residency and finally started making some money, I had to do something I’d never done before: find someone to do my taxes.

Naturally, I asked around. I went to the older, more experienced surgeons in my group and said, “Who do you guys use?” A few names came up, but one firm kept coming up over and over. So, I figured it was probably a good idea to go with them.

One of the main things people said about this firm was that they were “conservative.” At the time, that sounded like a good thing. In hindsight, it absolutely wasn’t.

You see, the problem with how high-paid professionals—especially physicians—choose tax professionals is that we confuse what “conservative” means in different contexts.

As a surgeon, being conservative is a virtue. You don’t operate unless you absolutely need to. You’re cautious. That kind of conservatism saves lives.

But taxes? That’s a whole different game.

The vast majority of the tax code isn’t about when you have to pay taxes. It’s about when you don’t have to. It’s about the legal strategies and frameworks that allow you to keep more of what you earn. It’s not black and white—it’s grey. And to navigate the grey, you need someone who understands how to interpret the code, not just read it like a rulebook.

A “conservative” CPA, in that world, is someone who avoids the grey entirely. They stick to the simplest interpretations, ignore all the nuance, and frankly, don’t work that hard to save you money.

And that’s not what you want in a CPA.

I learned that the hard way. The first couple of years, I basically paid more than I should have because I didn’t know any better. Eventually, I figured it out.

Now, to be clear—there are CPAs out there who work hard, understand the tax code deeply, and can make a huge difference in your tax liability. But chances are, you don’t know them. Because you’re asking your colleagues. Or you’re using the same firm your parents used.

If that sounds like you, I’d encourage you to reconsider before you waste another year failing to optimize your taxes.

One of the guys I think does get it—who really understands how to interpret tax law and save people money—is Casey Meyeres. And he’ll be my guest on this week’s Wealth Formula Podcast and we will discuss the latest tax bill put out by congressional republicans.