The Freedom Formula for Physicians | How Doctors Cut Debt & Slash Taxes |  Business Of Medicine | Financial Education

S7, Episode 20 - The BIGGEST Tax Deduction for Small Practice Owners and 1099 Physicians

August 5, 2022

Are you looking for a substantial tax deduction? If the answer is YES and you're an independent contractor or you're a small practice owner, then this is something you should look into.

In this episode, Dave talks about…

  • What are benefit plans?
  • The basics of the defined contribution plan versus the defined benefit plan 
  • Explanation of defined contribution plans
  • Can an independent contractor or a small practice own their pension plan?
  • What happens if you hire a third-party administrator to help calculate how much you can put in?
  • Cons of hiring a third-party administrator

Resources Mentioned:


What's My Number? - (612) 284-2409


For all the show notes, and more, check out the podcast website at


Investment advice is only offered in jurisdictions where Centurion Financial Strategies, LLC (“Centurion”) is appropriately registered or exempt from registration. Our Form ADV Part 2 brochure can be obtained free of charge at by searching for our firm by name or its unique CRD number (316454). This podcast is not a solicitation to provide advisory services in any jurisdiction in which we are not appropriately registered or excluded from registration.

The information, statements, and opinions contained in this podcast have been obtained from or are based upon information obtained from sources which we believe to be reliable, but we do not warrant or guarantee the timeliness or accuracy of any such information. This podcast is intended for informational purposes only and should not be construed as personalized investment, tax, or legal advice. Opinions expressed by any guest are their own opinions and do not necessarily reflect the firm’s views. You should carefully consider your unique financial circumstances and needs prior to making any investment in securities or purchasing any insurance products. Past performance is not indicative of future results. Investing in securities involves the risk of loss.

Insurance products are backed by the financial strength and claims-paying ability of the issuing insurance company and may be subject to restrictions, limitations, and early withdrawal fees which vary by issuer. You should consider the charges, risks, expenses, and investment objectives of any insurance products before entering a contract.

Podbean App

Play this podcast on Podbean App