Archives for April 29, 2013

This post will outline the basic structure of how to plan for long-term debt reduction and elimination and accumulation of wealth. This is a process that has a great deal of power over a long time range, so the sooner you start this, the more powerful the tools will be. It’s never too late to start, but a long time ramp gives a less steep climb. Confronting reality Getting a handle on your debt structure can be a daunting and stressful task. Confronting reality, however brutal that may be, is the first step. As an overall rule, there are three grades of debt, whether business or … [Read more...] about Financial Basics for the Independent Doctor part 4

This post will outline the basic structure of how to manage the income from your practice so you know where your money is going, and how to plan for your long term benefit. Simple disclaimer: all of the recommendations that follow should be vetted by your tax adviser for best applicability to your situation. I will address a few common errors and pitfalls. Financial structure of the practice Most practices benefit from being organized as either a corporation or as a limited liability company. If you choose to organize as a corporation, a sub-chapter S selection makes the most sense. This is … [Read more...] about Financial Basics for the Independent Doctor part 3