Blog
Secure 2.0: What You Need to Know
By Katie Bennett On December 29th, 2022, President Biden signed a massive omnibus spending bill, dedicated to bringing several changes beginning in fiscal year 2023. Buried within this 1,400-page document is a bill known as the “Setting Every Community up for...
Tax Reform for the Independent Contractor
By John Golway, CPA and Founder of Financial Designs Tax Services, LLC Tax reform has been all the buzz since the holidays. Tax professionals and financial advisers around the country have been busy educating themselves on the new rules. Many people will benefit from...
Deductible Business Expenses for Independent Contractors
By Chris McQueen, CPA As an independent contractor, you qualify to deduct 100% of business expenses from your taxable income. When you take into consideration all your business expenses, this can result in quite a bit of savings. The list is lengthy, so rather than...
Top 5 Year-End Tax Tips for 1099 Physicians
By John Golway, CPA and Founder of Financial Designs Tax Services, LLC Updated to reflect 2024 information. It’s that time of year… cheery music, crisp weather, shiny lights… and wrapping up your taxes for 2024. Don't worry - if you have a good CPA, it shouldn't be as...
Is Your 401(k) Enough?
By Ryan Johnson, Wealth Management Partner If you have taken the step to regularly contribute to your retirement savings: Congrats! You have taken one of the first steps to achieve financial independence. If you are maxing out your contributions ($23,500 for W-2...
Why is an HSA Useful?
By Terry Westlund Health Savings Accounts, aka “HSAs” are a common financial strategy used in a provider’s arsenal. But are you clear on all the reasons why a HSA can be handy? See below for the top reasons you may want to incorporate this kind of account into your...
Why Should I Hire a Fiduciary?
By Ryan Johnson Fiduciary. This word has been around for a long time, but it’s still not clear to many what it actually means. A fiduciary is someone who acts in the best interest of another person. Being a fiduciary is about loyalty, honesty and trust. Sounds simple,...
A New Year: 5 Realistic Financial Goals for Doctors
By Terry Westlund, ChFC®, Co-founder of Financial Designs With the new year, 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 the proverbial “to-do” list. According to...
What You Need to Know About Quarterly Estimates
By Chris McQueen, CPA As an independent contractor, you are obligated to submit quarterly tax estimates. Although the phrase “quarterly estimate” can make many feel anxious, this process doesn’t have to be complicated or overwhelming. Here is what you need to know: 1)...
4 Tips When Selecting Health Insurance Coverage
By Terry Westlund, ChFC Health insurance is complicated. Annual open enrollment can cause anxiety and confusion as you select a plan that's best for your situation. See below for our top tips when selecting health insurance coverage. 1) Know the Lingo Having the...
Dollar Cost Averaging
By Ryan Johnson “There is simply no telling how far stocks can fall in a short period… your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.” - Warren Buffett, Berkshire Hathway 2017...
Maximizing the New 20% Pass-Through Deduction
By Terry Westlund, ChFC Note: This post was updated to reflect 2025 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). If...
Your Finances Post Residency
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 $67,400 to a...
Life Insurance 101
By: Katie Bennett, ChFC 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...
Top Financial Tips for Busy Independent Contractor Doctors
By Terry Westlund, ChFC® 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...
Highlighting Financial Benefits for W-2 (Employee) Positions
By Terry Westlund, ChFC® 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). See below...
Recruiting to the Financial Benefits of IC/1099 Positions
By Terry Westlund, ChFC® 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),...
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...
Navigating the Reality of Long-Term Care Expenses While Securing Your Retirement
Navigating the Reality of Long-Term Care Expenses While Securing Your Retirement Written by: Terry Westlund, CHFC® We can all grasp the importance of having a solid retirement savings built up, but what happens if you face health challenges during your golden...
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...
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...
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 2025 the max is $70,000*) and the significant tax savings that follow. Retirement may seem...
Quieting Financial Stress
By Ryan Johnson, 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...
How to Maximize Charitable Giving & Tax Benefits
By Ryan Johnson, Wealth Management Partner Many consider making charitable contributions during the holiday season. With the new tax rules established this year, you might want to consider if your giving strategy should be tweaked. What changed with tax reform that...
LLC? S Corp? Where do I start?
By Nate Hansen, CPA As an independent contractor 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...
The Devils 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...
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...
Five Tips to Managing Medical School Student Loans
By Katie Bennett 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 significant...
Identity Theft: Be Prepared, Be Proactive
By Cathy Lucas, Guest Writer, IDShield If someone stole your identity, would you know it? Identity theft can be a serious problem resulting in 100+ hours of work to resolve the issue. Thieves are getting more and more complex in how they obtain your personal data,...
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