PM-1 Adopting an Aggressive but Legal Approach to Taxes
CE Hours: 1.5
Description: This course will provide a summary of any recent tax law changes passed by Congress and the Biden Administration and will recommend ways to navigate them. Taxes are likely going up, and savvy doctors will be placing greater emphasis on maximizing legitimate, if aggressive, business deductions. Brandon will recommend a series of deductions that many doctors may not be aware of or might (mistakenly) feel are too aggressive to consider. Emphasis will also be placed on the various types of retirement savings accounts (IRAs, 401(k)s and cash balance plans, etc.), when they make sense at different stages of one's career, and how they can be combined with each other to maximize their benefit. Brandon will also discuss the merits of Health Savings Accounts for pre-funding future health care costs and discuss smart ways to pay for a child's or grandchild's education. Finally, Brandon will discuss mistakes that high-earning doctors can make striving for ever greater tax deductions.
Learning Objectives:
- Implement an approach to taxes that involves reporting all income yet taking appropriate business tax deductions
- Describe the long-term tax savings and wealth creation that comes form saving in retirement plans for the doctor and his or her family members
- Explain and avoid the high-commissioned products that that the promoters are selling to doctors, particularly when income and estate taxes are on the rise
Key:
Complete
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Brandon Collier, J.D., LL.M.
Brandon Collier is a practicing attorney and President of Collier & Associates, Inc., a fifty year old firm specializing in representing dentists and specialists with practice transitions and providing objective unbiased advice regarding the business aspects of their practices, law, taxes, insurance, investing and how to live a good life. He is the Editor of the twice-monthly Collier & Associates Newsletter, which for nearly 50 years has been providing topical advice and practical ideas to doctors to help them become and retire wealthy. He also conducts the popular Collier & Associates doctor seminars at destinations throughout North America, the Caribbean and Mexico. The seminars are devoted to practice transitions, advanced investing (nothing is sold or promoted -- the focus is solely on teaching), and aggressive tax and business planning. Five different courses are geared to doctors at various points in their careers – from the Young Doctor seminar to one specialized for retired doctors. Brandon also oversees the Collier Retirement Plan Division which designs and prepares profit sharing, 401(k) and Defined Benefit Plans for hundreds of dental practices throughout the country. He has many years of experience consulting with doctors and speaking nationwide at state and national professional society meetings and study groups. He is a member of the Case Western Reserve Dental School Visiting Committee and has served on the board of directors of the American Association of Orthodontists Foundation. Brandon believes in giving back to the dental profession and is a frequent pro bono lecturer at dental schools around the country.
Speaker Disclosure
I declare that I have no proprietary, financial, or other personal interest of any nature or kind in any product, service, course, and/or company, or in any firm beneficially associated therewith, that will be discussed or considered during the proposed presentation.
