Check out Part 3B of my 3-part podcast series with dental CPA and CFP John Vento! In this episode, titled “Tax-Smart Retirement Savings Strategies,” John will cover:
o Reasons why you should want to set up a retirement plan for your practice and how it can help with employee recruitment and retention.
o The SECURE Act 2.0, including when it was passed into law, when it becomes effective, and how it will impact retirement plan contributions for you and your employees.
o The recent expansion of the ability to make Roth contributions.
o Significant tax credits that are now available for making contributions to your retirement plan and the retirement plan of your employees, including:
§ The Startup Tax Credit which allows you to legally double dip by not only deducting the expenses of training your team about their retirement savings options, but also receiving a tax credit for those same expenses!
§ Employer Contribution Tax Credit which allows you to receive a tax credit to subsidize you for putting money into your employee’s retirement plan! Basically, the government is paying you to contribute to your employee's retirement!
§ The Auto-Enrollment Tax Credit which forces your employees to opt out of contributions to their retirement instead of opting in, which is how it has traditionally been set up.
LINKS:
• Part 1 (Important Tax Information for Dentists): https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching
• Part 2a (Taxes & Practice Ownership - Part A): https://www.youtube.com/watch?v=tyQTdCy2DxA&t=6s&ab_channel=DeLukeOrthodonticCoaching
• Part 2b (Taxes & Practice Ownership - Part B): https://www.youtube.com/watch?v=Tt0yneFair0&t=990s&ab_channel=DeLukeOrthodonticCoaching
• Part 3a (Tax-Smart Retirement Savings Strategies - Part A): https://youtu.be/QFB2DJksISg
• Point X Calculator (https://www.ventotaxandwealth.com/resource-center/retirement/saving-for-retirement)
• To purchase John’s Book: https://www.ventotaxandwealth.com/buy-the-book
• You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.
What is The DOC Podcast?
The DOC Podcast brings you unique educational content taught by Dr. Mike DeLuke, a Board Certified Orthodontist with over 20 years of clinical and academic experience. Dr. DeLuke built his orthodontic practice from scratch in the early 2000s and grew it into a multimillion-dollar enterprise in less than 10 years. He was able to retire from private practice at the age of 46 years old, and now devotes his energy to teaching his colleagues how to succeed both personally and professionally.
Dr. DeLuke has served as a faculty member at numerous hospitals and orthodontic residency programs around the country, including as the cleft craniofacial orthodontist at Albany Medical Center in New York, and as a clinical professor at The University of Connecticut in the Department of Orthodontics. He is presently an adjunct professor at Nova Southeastern University in the Department of Orthodontics.
The DOC Podcast will bring you in-depth discussions and interviews with industry leaders and experts on a variety of topics including clinical excellence, practice management, finance and wealth creation, health and wellness, taxes and accounting, fitness, and much more!