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:

Contact:

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

 

For all the show notes, and more, check out the podcast website at www.doctorfreedompodcast.com

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