EP 44: A Tax Change That Could Massively Benefit EPs

In filing hundreds of tax returns every year for ER Docs, roughly 50% of our 1099 earners take advantage of a particular deduction. Talks are in the works that would not only make this deduction more lucrative for these clients, but expand it to what we estimate to be roughly 90% of ER Docs. We’re talking tens of thousands of dollars of potential savings.

So in this episode, we break down what that specific deduction is and how it may impact you. As we always mention: if you have the chance to earn 1099 income, do it. This is yet another reason supporting our stance.

Topics Discussed:

·      An overview of the QBI deduction

·      An important deduction to make on your taxes.

·      How this deduction will impact your finances.

·      Who is qualified for this deduction and what it excludes.

·      How employee payment and business property value are included.

·      Who this will help and who it might not help.

·      Whether it can be harmful to earn more at certain points.

Resources Mentioned:

The QBI Deduction

Sen. Ron Wyden's - Small Business Tax Fairness Act

ERdocadvisor.com  

Tags

planning, financial planning, ER doctor, doctors, finances, advice, taxes, deductions