Mathematical modeling of neurons is an essential tool to investigate neuronal activity alongside with experimental approaches. However, the conventional modeling framework to simulate neuronal dynamics and extracellular potentials makes several assumptions that might need to be revisited for some applications. In this chapter we apply the EMI model to investigate the ephaptic effect and the effect of the extracellular probes on the measured potential. Finally, we introduce reduced EMI models, which provide a more computationally efficient framework for simulating neurons with complex morphologies.