Blog
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...
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
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 for the top 4 financial...
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 2023 the max is $66,000*) 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 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 Devil 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...
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