This is the fifth and final episode in my financial series with the Vento family on creating generational wealth. I'm joined by John Vento Jr., president and managing partner of Vento Tax and Wealth Management Group, who leads the firm's accounting and tax advisory division.
In this episode, we dig into the practical side of tax planning, including what it means to work with a true tax advisor versus a tax preparer, the critical difference between tax evasion and tax avoidance, and how to think about entity selection for your practice. John walks through the tax advantages available to practice owners, independent contractors, and W2 employees, and we spend a good amount of time on two of my favorite strategies: employing your spouse and employing your children.
John also gives a thorough overview of retirement plan options (from SEP IRAs to solo 401ks to defined benefit plans) and how profit sharing can be used to attract and retain top talent. We close out with the most common tax mistakes practice owners make, including why waiting until April 15th is already too late.
As always, this episode is for educational purposes only and is not tax, legal, or investment advice. Please consult your own professionals before implementing any strategy.
Timestamps
- 1:00 — Welcome & Introduction
- 4:00 — Tax Advisor vs. Tax Preparer
- 9:36 — Tax Evasion vs. Tax Avoidance
- 16:30 — Tax-Smart Strategies Explained
- 18:47 — Entity Selection Overview
- 27:59 — Independent Contractor vs. Employee
- 35:47 — Tax Advantages: Owner vs. IC vs. W2
- 42:08 — Employing Your Spouse
- 49:22 — Employing Your Children
- 1:02:01 — Retirement Plans Overview
- 1:09:52 — Profit Sharing & Team Incentives
- 1:22:32 — Common Tax Mistakes to Avoid
- 1:34:13 — Closing & Wrap-Up
- 1:36:48 — Disclaimer
LINKS
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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 his 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. He also provides locum tenens coverage for colleagues in South Florida.
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 in the Department of Pediatric Dentistry at Healthcare Network and a Visiting Professor in the Department of Orthodontics at Montefiore Einstein Hospital in the Bronx.
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!