Paul Adkins, a comprehensive financial planner with Florida Financial Advisors and specializes in helping physicians, offers optimized plans for physicians to improve their financial outcomes.
Through his experience working with physicians, Paul discovered three key areas that most doctors are not taking full advantage of:
1. Tax-saving strategies
2. Proper investment allocation
3. Proper debt repayment
In this three-part series video & blog, Paul discusses how he helps his clients outperform their peers in each of these areas.
In this first video blog, he discussed the most daunting, and likely most important concern for most people, including physicians and medical professionals; Tax Savings Strategies. View this video below.
With more and more physicians are becoming specialists in their field, the average salary of medical practitioners is skyrocketing. According to weatherby health care, the average salary of a physician specialist was nearly $346,000. Due to our marginal tax bracket, this results in physicians paying twice as much on every dollar they earn than the average American.
What Can Be Done to Reduce the Physician’s Tax Burden?
Through his work with physicians, Paul at Florida Financial Advisors designed a three-part plan that can drastically reduce income taxes. Here how a fiduciary financial advisor like Paul can help you reduce your taxes:
- First, you have to structure your business properly. As a business owner, you can take control of your income taxes, rather than having a company make those decisions for you. Paul is able to advise his clients on what type of business to file as, as well as how to flow through profits in a tax-advantaged way.
- Second, you need to maximize pre-tax contributions to specially designed retirement accounts. Most retirement plans, such as SEP IRA’s, only let you write off up to $56,000/ year in contributions. Paul can help you tailor specially designed retirement accounts that allow you to increase your pre-tax contributions far beyond the typical limit, and drastically decrease your tax liability.
- Paul works side-by-side with CPAs to reduce taxes further by maximizing write-offs within the business.
By using all three of these strategies properly, you will be able to save tens of thousands of dollars in taxes every single year.
If you feel that you’re overpaying in taxes, or even, you’re not sure…let’s talk! Paul offers complimentary 30-minute consultations to physicians in the Tampa Bay area.
You can call him at (813)556-2702 or send me an email at paul.adkins@floridafa.com.
You can also follow him on LinkedIn to get notifications for my next video in this three-part series where I’ll go over how to maximize investment performance within your investment accounts.
Thank you and always remember, a financial plan is only as good as the financial planner.
