Blog

Don’t Let Long-Term Care Deplete Your Assets

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...

read more
The Buzz on Backdoor Roth IRAs

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...

read more
Why Should I Hire My Spouse?

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...

read more
The 411 on Defined Benefit Plans

The 411 on Defined Benefit Plans

By Ryan Johnson, Wealth Management Partner Being an independent contractor provides a bit of financial flexibility including the ability to save substantially for retirement… and subsequently enjoying a significant tax break. Some of the basic tax-deductible...

read more
SEP IRA or Individual 401(k)?

SEP IRA or Individual 401(k)?

By Ryan Johnson, Wealth Management Partner One of the greatest advantages of being an independent contractor is the relatively large amount one can put away for retirement (in 2019 the max is $56,000*) and the significant tax savings that follow. Retirement may seem...

read more
Quieting Financial Stress

Quieting Financial Stress

By Noel Roach, Wealth Management Partner We live in a stressed society, and financial woes are one of the leading concerns for Americans. Even those who make enough income to be in the top 5% or even 1% can find themselves stressed by daily finances. All the yoga and...

read more
How to Maximize Charitable Giving & Tax Benefits

How to Maximize Charitable Giving & Tax Benefits

By Ryan Johnson, Wealth Management Partner This is a busy few weeks as we all wrap-up 2018. During the holiday season, many are considering making charitable contributions. With the new tax rules established this year, you might want to consider if your giving...

read more
Top 5 Year-End Tax Tips for 1099 Medical Professionals

Top 5 Year-End Tax Tips for 1099 Medical Professionals

By John Golway, CPA and Founder of Financial Designs Tax Services, LLC It’s that time of year… cheery music, crisp weather, shiny lights… and wrapping up your taxes for 2018. Not only do you have the regular tax “to-dos”, but there are also new tax rules to be aware...

read more
Maximizing the New 20% Pass-Through Deduction

Maximizing the New 20% Pass-Through Deduction

By Terry Westlund, Co-Founder Note: This post was updated to reflect 2019 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)....

read more
LLC? S Corp? Where do I start?

LLC? S Corp? Where do I start?

By Nate Hansen, CPA As a 1099 medical professional, you may have heard buzz around the need to consider forming an entity. The different types of entities can be confusing and can vary by state. The most important thing to remember is that everyone’s scenario is a...

read more
The Devils is in the Details: Protecting Your Income

The Devils is in the Details: Protecting Your Income

By Gary Eickhorst, ChFC® Your entire financial plan – your retirement contributions, your savings goals, your debt repayment plan - is likely dependent on your income. What happens if that income goes away? Did you know you are more likely to become disabled during...

read more
New Physician, Big Paycheck

New Physician, Big Paycheck

By Gary Eickhorst, 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 $51,000 to a...

read more
Mortgage 101

Mortgage 101

By Rob Bland, Guest Writer, US Bank Home Mortgage Securing a mortgage can be daunting and a tedious process. In fact, many feel like the job of a lender is to find a reason why the financial organization should not lend you the money. Contrary to that belief, as a...

read more
Five Tips to Managing Medical School Student Loans

Five Tips to Managing Medical School Student Loans

By Noel Roach, AIF® Choosing to complete medical school is not only a large time commitment for physicians but also a large financial commitment. With no federal grant money available and little in private scholarships, students are entering residency with a...

read more