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My favorite saying.....
[Tweet "It's not what you make, it's what you KEEP!"]
As most healthcare practitioners know, it's always a challenge to figure out what the right thing to do is and the wrong. But most just don't want to lose out by over-paying uncle sam. Im not a proponent of not paying taxes, but i am the first to tell you that the proper tax advisor could save you millions of dollars over the lifespan of your practice. Better yet, it could help with the sale and even something for the next generation. There are so many options, I can't just list them all.
 
In this episode I interview the managing attorney of Shah & Associates. The wealth of knowledge I received was absolutely amazing.
 

Sit back and listen to the insights of what every practice owner should know.
If you're thinking- I just pay what my accountant tells me, then this episode is definitely for you. Recently, I read a thread on Linkedin where a new grad wanted to open a private practice. She asked what a practice owner made a year. Bold question. But I'm glad that she asked. The answers where typical. But to the shock of the new grad she decided that she could make the same amount as an employee over a couple of years. This answer disturbed me.
There is simply no way an employee can "earn" more than a practice owner. Yes its true a practice owner could have a really bad year. But as an employee, eventually your salary is capped and you have to pay taxes on that salary, with no significant write offs. There are so many levels to this conversation. Since it was not a thread i started, I did not have permission to repost.
My goal for all my followers is to take a deeper understanding of the phrase it's not what you make but what you keep. And of course to consult professionals such as Neel and his network to ensure that you are doing just that.

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