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Tax-Saving Strategies with Required Minimum Distributions
Manage episode 393315988 series 2815037
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It's common for dentists to defer clinical and dental practice owner income into a 401(k), Profit Sharing Plan, or IRA during their peak earning years.
That's often a wise strategy to lower a dentist's lifetime tax bill.
But the IRS won't let a dentist avoid that tax bill forever. Required Minimum Distributions begin at a certain age.
If a dentist wants to play the long-term tax game to the best of their ability, it's critical they develop a strategy for RMD's well before they become mandated.
In this episode Dentists, Puns, & Money, Shawn Terrell shares some strategies associated with Required Minimum Distributions.
Listen to learn more about:
- The benefits of planning and formulating RMD strategies.
- The downsides of being reactive instead of proactive with deferred tax accounts.
- How to think about the time window for executing RMD strategies.
Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.
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To download a free copy of the 2023 Tax Reference Guide, click here.
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