Blog
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...
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 2019 the max is $56,000*) and the significant tax savings that follow. Retirement may seem...
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...
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...
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)....
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...
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