Taking every dollar off the table, a 1099 physician case study.

Best financial strategies for IC physicians

In this Case Study, Ben Yin and Senior Partner Nolan Pendleton from Generational Financial Partners take a deep dive into maximizing financial strategies for independent contractor physicians. 

Building on their "1099 BootCamp," this session provides practical examples to show how creating an LLC, paying the right salary, and adding family members to the payroll can lead to significant tax savings.

Key Highlights:

Debunking LLC Myths: Asset protection, retirement savings, business deductions, and payroll flexibility, including how to understand the real benefits of LLCs taxed as S Corporations.

Self-Employment Taxes: Comparing Schedule C vs. LLC + S Corporation for tax efficiency, and the impact of salary levels on QBI and PTE deductions.

Defined Benefit Plan vs. Spouse on Payroll. How a Defined Benefit Plan can provide greater retirement contributions without extra payroll tax burdens. 

Adding Kids to the Payroll: Tax savings of shifting wages to lower-income family members, plus funding Roth IRAs for children.