Urgent Tax Need for Emergency Room Doctor

26th Oct 2017

Client of the Week - Emergency Room Doctor

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

Why do people fail with their personal finance? They need to change their behavior https://t.co/MhiVy0ypP2

4:41 PM 5 December 2018

Dedicated DB@ DedicatedDB

Learn how more doctors are working telecommute -- and earning side income, opening defined benefit plans https://t.co/f61djwU6el #retirement

11:21 PM 3 December 2018

Dedicated DB@ DedicatedDB

The latest Secrets of the Self-made! https://t.co/b3I1DCOZjE Thanks to @Tees_Business @vandrewattycpa @BIConline #smallbusiness #smallbiz

8:35 PM 3 December 2018

Dedicated DB@ DedicatedDB

What George H.W. Bush Leaves Behind (And Who Steps Up To Inherit) https://t.co/ftbUgz9z6O

6:38 PM 3 December 2018

Dedicated DB@ DedicatedDB

Advantages of Defined Benefit Plans for Board Directors https://t.co/4rF13gJZkA https://t.co/y1vsGE9Cat

4:33 PM 30 November 2018

Dedicated DB@ DedicatedDB

Have questions about cash balance plans? Get your free cash balance resource kit https://t.co/saniHgxnLb #retirement

11:21 PM 29 November 2018

Estimate contribution and deduction with our DB calculator Try it now

Send this to a friend