Growing Your Firm The AKT Way

TAX/Financial Mgmt 101: Physician Financial/Tax Strategies

presented by

Jeanne Taylor, Tax Partner AKT

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The First Question New Doctors ask us when they complete their residency/internship? • Shall I buy or lease my new Porsche? WAIT! LET’S FIGURE OUT YOUR FINANCIAL PICTURE AND DECIDE WHEN TO BUY/LEASE THE PORSCHE

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This is a great time to plan your new financial picture: Will I be a Form W2 employee, a Form 1099 independent contractor, or own my practice? How much are my student loans and how much will my monthly payment be? © 2008 AKT

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How do I minimize taxes and maximize my monthly cash flow to live? • Individual Tax: Employee versus self employed, the planning is different • Practice Deductions – How do I take all the legal deductions I can?

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I’m a medical professional. Do I need to learn about financial management? • Our most successful doctor clients work with us to help them plan their financial life and minimize their taxes • THEY ALSO • Learn some financial management, practice management principles in continuing education classes so they learn to make good daily financial decisions.

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I PLAN TO OWN MY OWN PRACTICE: Choice of Professional Entities • • • •

Sole Proprietorships “S” Corporation “C” Corporation Partnerships

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Financial Management 101 • Debt management and planned reduction • Purchasing a home • Career direction • Retirement planning

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Retirement Planning • IRA • 401(K) • Other

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QUESTIONS ?

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