When you are ready to turn over the keys to your practice, Dr. Chris Salierno says there are more paths that lie ahead than there were before, and the mistake is to take one of those paths unprepared.
A cash balance plan is a type of defined-benefit pension plan that solves a number of dentistry-related tax problems, yet is used by only a handful of dentists nationwide.
Managing debt properly is perhaps the most important challenge in overcoming financial stress and creating wealth throughout a career in dentistry.
According to Pfau, the required annual savings rate is between 16.6% and 35.9%
Tax sticker shock is nowhere more evident in today's high-tax environment than with the sale of an interest in a dental practice. A check the size of an impressive lake property is reduced by taxes to a visit to Starbucks. Important presale tax planning is needed to actually keep the value realized from all those years of hard work.
When I spoke at a practice management seminar a few weeks ago, I asked the dentists in the audience to raise their hands if they hated the business part of their practice. Almost every hand went up!
Today's economic landscape is changing at an ever accelerating pace. Doctors have witnessed this progression firsthand in both their dental practices and personal lives.
What are your thoughts about the question, 'Will you receive Social Security benefits over your lifetime?'
Do you have a goal to get out of debt? Recently, a dentist friend posted a blog on Facebook by author James Clear titled Forget Setting Goals. Focus on This Instead.
With tax rates increasing, many doctors are scrambling to find additional ways to reduce their taxable income. Unfortunately, many individual tax deductions have been phased out ...
