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Tax-Smart Retirement Savings Strategies - Part B (w/John Vento, CPA, CFP) [Ep.28]
Manage episode 386856209 series 3479169
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Check out Part 3B of my 3-part podcast series with dental CPA and CFP John Vento! In this episode, titled “Tax-Smart Retirement Savings Strategies,” John will cover:
o Reasons why you should want to set up a retirement plan for your practice and how it can help with employee recruitment and retention.
o The SECURE Act 2.0, including when it was passed into law, when it becomes effective, and how it will impact retirement plan contributions for you and your employees.
o The recent expansion of the ability to make Roth contributions.
o Significant tax credits that are now available for making contributions to your retirement plan and the retirement plan of your employees, including:
§ The Startup Tax Credit which allows you to legally double dip by not only deducting the expenses of training your team about their retirement savings options, but also receiving a tax credit for those same expenses!
§ Employer Contribution Tax Credit which allows you to receive a tax credit to subsidize you for putting money into your employee’s retirement plan! Basically, the government is paying you to contribute to your employee's retirement!
§ The Auto-Enrollment Tax Credit which forces your employees to opt out of contributions to their retirement instead of opting in, which is how it has traditionally been set up.
LINKS:
• Part 1 (Important Tax Information for Dentists): https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching
• Part 2a (Taxes & Practice Ownership - Part A): https://www.youtube.com/watch?v=tyQTdCy2DxA&t=6s&ab_channel=DeLukeOrthodonticCoaching
• Part 2b (Taxes & Practice Ownership - Part B): https://www.youtube.com/watch?v=Tt0yneFair0&t=990s&ab_channel=DeLukeOrthodonticCoaching
• Part 3a (Tax-Smart Retirement Savings Strategies - Part A): https://youtu.be/QFB2DJksISg
• Point X Calculator (https://www.ventotaxandwealth.com/resource-center/retirement/saving-for-retirement)
• To purchase John’s Book: https://www.ventotaxandwealth.com/buy-the-book
• You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.
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