© 2008 AKT 1

TAX/Financial Mgmt 101:Physician Financial/Tax Strategies

presented by

Jeanne Taylor, Tax Partner AKT

© 2008 AKT 2

• Shall I buy or lease my new Porsche?WAIT! LET’S FIGURE OUT YOUR FINANCIAL PICTURE AND DECIDE WHEN TO BUY/LEASE

THE PORSCHE

The First Question New Doctors ask us when they complete their

residency/internship?

© 2008 AKT 3

This is a great time to plan your new financial picture:

Will I be a Form W-2 employee, a Form 1099 independent

contractor, or own my practice?

How much are my student loans and how much will my monthly

payment be?

© 2008 AKT 4

How do I minimize taxes and maximize my monthly cash flow

to live?• Individual Tax: Employee versus self

employed, the planning is different

• Practice Deductions – How do I take all the legal deductions I can?

© 2008 AKT 5

I’m a medical professional. Do I need to learn about financial management?

• Our most successful doctor clients work with us to help them plan their financial life and minimize their taxes

• THEY ALSO• Learn some financial management, practice

management principles in continuing education classes so they learn to make good daily financial decisions.

© 2008 AKT 6

I PLAN TO OWN MY OWN PRACTICE:

Choice of Professional Entities

• Sole Proprietorships• “S” Corporation• “C” Corporation• Partnerships

© 2008 AKT 7

Financial Management 101

• Debt management and planned reduction

• Purchasing a home• Career direction• Retirement planning

© 2008 AKT 8

Retirement Planning

• IRA

• 401(K)

• Other

© 2008 AKT 9

QUESTIONS ?