Independent Contractor Physicians
Professional Financial Advisory for Independent Contractor Physicians
95% of our clients are physicians and we specialize in guiding Independent Contractor (IC) Physicians through the complex landscape of financial management and strategic planning. Transitioning from a traditional W-2 employment to a 1099 IC role brings unique challenges and opportunities. Our expertise is tailored to help ensure that physicians like you can navigate these changes with confidence and secure financial stability.
Your Financial Goals, Our Priority
Being an IC physician involves more than just managing a medical practice—it involves managing a business. This can seem daunting, especially in the early years, but with the right strategies and a bit of extra work, the rewards can be significant. We provide customized financial services designed to maximize your flexibility, optimize your tax efficiencies, and enhance your income potential over the long term.
Services Tailored for IC Physicians
- LLCs (or PLLCs or PCs): When taxed like an S-corp, you can potentially save over $10k/year in payroll tax alone (social security/Medicare). And potentially an additional $5k if your state is PTE eligible.
- Qualified Business Income (section 199A): As a small business owner, you may be eligible for an additional 20% deduction off of your net income, potentially saving you over $15k/year.
- Retirement Planning: From SEP IRAs to Solo 401ks to Defined Benefit plans, we will provide guidance on the right qualified plan for your unique situation.
- Tax Efficiency: Navigate the complexities of IC taxation to keep more of what you earn.
- Life & Disability Insurance: Protecting your most valuable asset—your ability to earn.
Our team at GenFi works predominantly with 1099 physicians, leveraging our deep understanding of the specific needs and challenges you face as an IC. Whether you're evaluating the IC model or are already established and looking to optimize your setup, we're here to help.
Commitment-Free Consultation
Click here to schedule a "Zero Call" with us—ZERO: expectations, pressure, judgment, commitment, cost, or strings.
Resources for IC Physicians
Why Become an Independent Contractor Physician?
In this video, financial advisor Ben Yin talks about the “5 Mizes” for being a successful Independent Contractor Physician, and it's not about how much money you earn, it's about how much money you keep.
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Busting LLC Myths.
Myth #1: Many 1099 physicians create an LLC (taxed like an S-corp) to save in payroll tax and they automatically think their assets in the LLC are protected. Often times these LLCs aren’t operated the right way to truly provide true asset protection. In other words, courts can “pierce the corporate veil” and come after assets.
Myth #2: LLCs are not required for tax deductions, which can be claimed by sole proprietors using IRS Schedule C. However, forming an LLC and electing S Corporation status can offer payroll and PTE tax benefits beyond what a Schedule C can provide.
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The 5 MIZES
Download this 1 page PDF on the 5 MIZES of being an IC 1099 physician.
- Optimize
- Maximize
- Customize
- Fleximize
- Minimize (taxes)
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Financial strategies for a financially fit 1099 Physician.
Physician financial advisors give a “financial bootcamp.”
In the "1099 Boot Camp" video, Ben Yin, Founder of Generational Financial Partners, and Senior Partner Nolan Pendleton guide independent contractor physicians through the intricacies of financial management. With 95% of their clients being physicians, the two share their deep expertise to this hour-long session that covers the “Five Mizes” framework: Optimize, Maximize, Customize, Fleximize, and Minimize.
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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.
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Why this might be the best year to buy that G-Wagon.
In the video, Ben breaks down how Section 179 of the tax code allows independent contractor physicians to benefit from purchasing a vehicle weighing over 6,000 lbs, like a G-Wagon.
This deduction was previously 100% in 2022 and 80% in 2023. In 2024, it allows you to deduct 60% of the cost in the first year. For example, if you buy a G-Wagon for $100,000, you can write off $60,000 in the first year, potentially saving $18,000 in taxes assuming a 30% effective tax rate. The remaining 40% of the deduction will be spread over subsequent years.
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