Tax Savings Strategies for Doctors, Dentists, and Chiropractors

The Money Advantage Podcast

In today’s show, we interview Dustin Griffiths, tax strategist with Kings Tax and Accounting. We’ve had him on the show twice before because taxes are a key area that we see over and over again that business owners of all types are leaking money. Let’s bring this into perspective for a minute. If you were overpaying your tax bill by $10K, $20K, or $50K because you didn’t know how to interpret the thousands of pages of the tax code, when would you want to know? What could you do if you kept an extra $10K, $20K, or $50K of the money you made, instead of owing it in taxes? And if it took a very special person to understand the tax code and be able to help you apply it proactively, so that you stop overpaying this year and every year going forward, how far would you go to find them? We’re about to shorten your path to tax savings because Dustin has been putting more money back in business owner’s pockets for years. Dustin’s experience is so valuable because it means he understands how to apply the tax code for specific types of business owners. Today, we’ll cover strategies that apply most often to doctors, dentists, and chiropractors. These professionals have many commonalities in their business and tax structure that make specific strategies useful. If you are a medical or alternative medicine professional, you’re about to be astounded. If you’re not a doctor, dentist, or chiropractor, you’ll glean some key insights that could work for your industry as well. A disclaimer here: Every person’s unique set of circumstances means that certain strategies may work in some cases but not in others. As with any financial education, talk with a professional to implement strategies that will work for you. Where Taxes Fit into the Cash Flow System Tax saving strategies help you pay the minimum legal tax this year and every year going forward. As a business owner, tax strategy is an essential part of keeping more of the money you make and increasing your cash flow. But, as critical as it is to control more of your money, it’s just one step in the bigger journey to time and money freedom. That’s why we have created the 3-step Business Owner’s Cash Flow System. It’s your roadmap to take you from just surviving, to a life of significance, purpose, and financial freedom. The first step is keeping more of the money you make by fixing money leaks, becoming more efficient and profitable. Then, you’ll protect your money with insurance and legal protection, and Privatized Banking. Finally, you’ll put your money to work, increasing your income with cash-flowing assets. Today’s conversation fits in the first stage to help you find more money to keep by strategically shrinking your taxes. Conversation Highlights The blind side of tax deferral and the difference between deferring and saving taxToday’s low tax rate environment compared to top tax rates throughout US historyEntity structure and pay structure options to save self-employment taxesTax-free income for up to 14 days of rent using the “Augusta Rule”Employing your kids, up to the standard deductionHow to bump income down to meet specified service business requirements to qualify for the 20% flow-through deductionUsing cost segregation to accelerate depreciation on parts of a commercial property, increasing today’s deductionsProfession-specific strategies for doctors, dentists, and chiropractors Connect with Dustin Griffiths of Kings Tax and Accounting Check out Dustin's previous interviews here: How to Pay Less in Taxes LegallyTrump's Tax Reform, What Entrepreneurs Need to Know Find out how you can save taxes today. Call Kings Tax and Accounting at [phone], or email Dustin directly at [e-mail] to request a conversation. Get Financial Clarity Today If you would like to implement Privatized Banking, cash flow strategies, or alternative investments,