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ICs: Supplementing a Loss in Income Due to COVID-19

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...

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Panicking in a Pandemic

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...

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Recruiting to the Financial Benefits of IC/1099 Positions

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...

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Top 5 Ways to Slash Your Tax Bill

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...

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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...

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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...

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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...

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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...

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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 2021 the max is $58,000*) and the significant tax savings that follow. Retirement may seem...

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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...

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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...

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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...

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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...

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