If you’re a practice owner with a 401k, Cash Value, or Profit Sharing Plan, now is the time to look at your employer contributions to the plan. Defined benefit, discretionary matches, and profit sharing contributions are based on last year’s compensation numbers.
Did you know Sharon is a passionate speaker and loves talking to dentists about how to make good financial decisions? In 2020 her goal is to connect with study clubs to help their members learn and prepare for their financial future.
She has a breadth of financial knowledge ready for you including:
As a Dental Practice Owner, you have a huge advantage over a typical employee in your ability to fund a retirement plan, and the tax benefits are significant. "Uncle Sam" is helping you fund your retirement in the form of tax deductions.
Healthcare Savings Accounts (HSA) plans have been available since 2004, with few changes. Simplistically, they can be thought of like a medical IRA. You own it and control it, and unlike some other types of "use it or lose it" healthcare reimbursement accounts, the money in an HSA stays in the account until you're ready to use it. If you expect to let money
We love it when clients maximize investments in your tax-advantaged plans. For 2020, some maximum contribution limits changed and others did not. Here’s a quick listing of maximum contributions for various types of retirement plans:
No change for 2020:
When I was in college, people always asked, “What are you going to do with a Psychology degree?”
I would reply, “I want to help people.”
I am happy to announce my completion of Kansas State University’s Financial Therapy graduate certificate program. “Financial therapist” is a little bit of a weird term so I’d like to clarify: I am not a therapist.
Investing in retirement takes a different approach than investing to build wealth. In retirement, investing for income becomes much more important.
If you have recently remodeled your dental practice, built out a leased space, or constructed a new building for your practice, you might want to consider having a Cost Segregation study done to maximize the tax benefits related to the project.
The following is a primer to help readers better understand their investments. Mission Financial Planning coordinates with clients' money managers as part of a comprehensive advice-only approach.