Urgent Tax Need for Emergency Room Doctor

26th Oct 2017

An emergency room (ER) doctor in South Carolina who started her own S-corp several years ago is married to a senior-level engineer whose high compensation provides for all their cash flow needs. The ER physician, age 47, wants to save as much of her income as possible. Her W-2 income has averaged $185,000 over the past 3 years and she expects to take the same amount in 2017. We designed her defined benefit plan with an annual contribution of $152,500 which will reduce her tax liability by $70,000 each year, assuming a combined federal and state income tax rate of 38%.

At age 62, if she sticks with the retirement plan, the ER doctor will have accumulated $2.4 Million which can be rolled into an IRA.

This defined benefit plan also works for other medical practitioners such as dentists, chiropractors, optometrists, medical consultants and other professions in the medical field. For more information on defined benefit plans for doctors, dentists and small medical practices, check out our web page.

 

Dedicated DB@ DedicatedDB

It’s never been more important or easier to create or update your estate plan via @TWA_News #estateplanninghttps://t.co/KdUoqI2BT2

9:42 PM 3 March 2021

Dedicated DB@ DedicatedDB

Here’s how COVID-19 turned 2 travel tech entrepreneurs into climate change warriors via @forbes #entrepreneurshiphttps://t.co/BuCOwVZzpb

8:11 PM 3 March 2021

Dedicated DB@ DedicatedDB

A telecommunications consultant earning high income from her corp is saving huge on taxes and in retirement with a… https://t.co/m4E1VpGvtt

6:41 PM 3 March 2021

Dedicated DB@ DedicatedDB

COVID pushes taxes into the spotlight as a strategy for resilience via @cpapracadvisor #taxplanning #taxstrategyhttps://t.co/Sb5O1IFgtW

5:21 PM 3 March 2021

Dedicated DB@ DedicatedDB

Elizabeth Warren, Bernie Sanders propose 3% wealth tax on billionaires via @CNBC #wealthtax #taxes #personalfinance https://t.co/TuS4eePUYE

9:45 PM 2 March 2021

Dedicated DB@ DedicatedDB

Cofounder of LinkedIn shares how to think like an entrepreneur via @entrepreneur #entrepreneurship #selfmadehttps://t.co/evVpLjHtSW

8:38 PM 2 March 2021

Estimate contribution and deduction with our DB calculator Try it now

Send this to a friend