Tax Planning for Doctors – Why a Wealth Team is Critical to Every Physician’s Retirement Plan

Tax planning for doctors is all too often put at the end of the long list of to do’s for fast-moving professionals. Part of any physician’s wealth building strategy needs to include personal advisors, wealth coaches, and industry specific legal and financial experts. I believe it is very important to learn all you can about wealth building strategies but that doesn’t mean you have to know everything and do everything yourself.

Nobody becomes wealthy without a team effort. Athletes don’t get to the Olympics without a great coach, students don’t graduate from medical school without great professors, bosses can’t do their job without great assistants and people don’t become wealthy without a wealth team.

Raymond Aaron, founder of “The Monthly Mentor” once said, “If you don’t have an assistant, you are one.” Tax Planning for Doctors – in 30 Seconds? High net worth tax planning is not exclusive to doctors . . . → Read More: Tax Planning for Doctors – Why a Wealth Team is Critical to Every Physician’s Retirement Plan

Small Business Tax Deductions – Get Your Share Before the Year End

Small Business Tax Deductions – The year is coming to an end. Do you know where your deductions are? Whether you work from home, the car or the beach, you have a lot of small business deductions you have earned! I’ve talked a lot about the tax benefits of having a small business to protect your assets and to reduce your taxes. If you’re new to the idea of starting your own business, we should talk. But first, as part of any wealth building strategy, I recommend you do a little homework.

Here’s some good foundational information that the U.S. Gov supplies about starting a business. Follow the link at the end for more info.

Business Expenses

Small Business Expenses and Tax Deductions Guidance for the Self-Employed and Sole Proprietors

There are two basic tax concepts new business owners need to add to their vocabulary: business expenses and capital expenses.

. . . → Read More: Small Business Tax Deductions – Get Your Share Before the Year End

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