Blog
Weathering a Loss in Income
By: Ryan Johnson For at least the medium term, it appears coronavirus is here to stay. As we wade through what this means for various aspects of our daily lives, many of our clients are finding themselves in a situation where shifts have been cut and therefore income...
Maximizing the New 20% Pass-Through Deduction
By Terry Westlund, Co-Founder Note: This post was updated to reflect 2020 numbers. Remember the big hub-bub about tax reform at the end of 2017? The new rules included a significant change that benefited many independent contractor physicians (those with 1099 income)....
New Physician, Big Paycheck
By Katie Bennett, ChFC® Congrats! After years of hard work, little sleep and lots of determination, you have finished medical school and residency, and your paycheck finally reflects a physician’s salary. The jump from the average residency pay of $61,200 to a...
Life Insurance 101
By: Noel Roach The inevitability of death is never fun to talk about. However, to ensure a well-thought-out financial plan, you must take the time to consider what will happen to your finances when you (or your spouse) pass away. Life insurance should especially be a...
ICs: Supplementing a Loss in Income Due to COVID-19
By Terry Westlund, Co-Founder of Financial Designs, Inc. This blog was written on 4/9/2020. Information is changing frequently. We will do our best to update this blog as needed. As an independent contractor (1099) medical professional, you may be wondering how to...
Panicking in a Pandemic
By: Ryan Johnson First and foremost, thank you. Thank you for being in the profession to help our communities. In a time like this, we are so ever grateful for the medical professionals caring for our family, friends and nation. We know it’s not an overstatement to...
A New Year: 5 Realistic Financial Goals for Doctors
By Terry Westlund, Co-founder of Financial DesignsIt’s January - the start of not only a new year but a new decade. Many of you have made or thought about making resolutions. There is probably another sub-set of readers who might have pushed that to the bottom of...
Top 5 Year-End Tax Tips for 1099 Physicians
By John Golway, CPA and Founder of Financial Designs Tax Services, LLC Updated to reflect 2019 information. It’s that time of year… cheery music, crisp weather, shiny lights… and wrapping up your taxes for 2019. Don't worry - if you have a good CPA, it shouldn't be as...
Top Financial Tips for Busy Independent Contractor Doctors
As an independent contractor (1099) physician, there can be a lot of moving parts to managing your taxes and overall finances. Sometimes it’s hard to decide where to start. See our top tips below to ensure you are maximizing the unique opportunities the 1099...
Highlighting Financial Benefits for w2 (Employee) Positions
Recruiting medical professionals can be tough, and the benefits and salary conversation can sometimes be tricky. In a previous blog, we covered the financial benefits of recruiting to an independent contractor position (aka 1099). Once medical professionals experience...
Recruiting to the Financial Benefits of IC/1099 Positions
Recruiting physicians can be tough whether you are a healthcare recruiter, a physician responsible for building your team, or an administrator. When the conversation turns to benefits and pay for an independent contractor position (aka 1099), things can get...
Top 5 Ways to Slash Your Tax Bill
By John Golway, CPA and Founder of Financial Designs Tax Services, LLC One of your biggest, hairiest bills is likely Uncle Sam. And as an independent contractor, there are some moving parts to your tax planning; however, it also means you can dramatically save in...
Don’t Let Long-Term Care Deplete Your Assets
By Noel Roach, Wealth Management Partner We all know the importance of saving for retirement, but what if during retirement you have a health situation that requires long-term assistance from healthcare professionals? Are you self-insured to cover costs like assisted...
The Buzz on Backdoor Roth IRAs
By Ryan Johnson, Wealth Management Partner Being an independent contractor provides financial flexibility including the ability to save substantially for retirement… and subsequently enjoying a significant tax break. Some of the basic tax-deductible retirement...
Why Should I Hire My Spouse?
By Ryan Johnson, Wealth Management Partner Being an independent contractor provides financial flexibility including the ability to save substantially for retirement… and subsequently enjoying a significant tax break. Some of the basic tax-deductible retirement...
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