Ep15: Locums Lowdown: Structural Mistakes You Don't Know You're Making That Could Cost You Thousands

Join us for an enlightening episode of the "Life Well Lived - A Physician's Guide to Wealth Masterclass," brought to you by IM Wealth. In this workshop, host James Nutter engages with financial experts Matt Barczak and Jeff to explore the intricacies of financial planning and structuring, specifically tailored for medical professionals operating within a 1099 framework. Starting with common financial planning missteps and tax challenges physicians face, they navigate the complexities of various business entities, such as S-corps and LLCs.

The cornerstone of this masterclass is practical and personalized wealth management advice, emphasizing real-world applications and case studies. Key discussions include understanding the differences between Sole Proprietorship and S Corporation for independent contractors, the benefits of employing family members in a business setup, and creative deductions like the Augusta Rule. These insights are crucial for physicians aiming to refine their financial operations, plan strategically for taxes, and secure a more stable financial future. Whether you're dealing with a modest 1099 side income or managing a robust medical enterprise, this episode is packed with actionable advice that's pertinent and indispensable.

Key Takeaways:

• Strategic Entity Choices: Understand when to opt for an S Corp versus a Sole Proprietorship to optimize tax benefits and streamline operations.
• Tax Code Nuances: Learn about the Qualified Business Income Deduction and how income levels influence eligibility and benefits.
• Employing Family for Tax Benefits: Discover the tax advantages and practicalities of hiring family members, including children, within your medical practice.
• Augusta Rule Insight: Explore how the Augusta Rule provides potential tax savings through home rental deductions for business meetings.
• Importance of Professional Dialogue: The episode stresses the value of maintaining continuous engagement with financial professionals to stay ahead of changes in tax legislation and optimize financial health.

About Matt Barczak:

Matt Barczak is a seasoned CPA specializing in assisting medical practices and individual families with tax planning and strategies. He works with over 50 medical practices and 175 physicians, offering customized financial advice and proficiently managing both corporate and personal tax affairs.

About Jeff McPherson:

Founder of IM Wealth and a certified financial planner, Jeff brings a comprehensive understanding of financial planning within the medical field. He is dedicated to helping families learn about financial strategies, reducing stress regarding their finances, and enhancing their overall financial wellness.

Resources & Next Steps:

• Download the PSLF Hacks Checklist
• Join the waitlist for a  free financial wellness session with James
• Get access to exclusive physician financial tools at www.imwealth.com
• 1% of IM Wealth’s revenue is dedicated to providing scholarship funds to medical students. Learn more about the Meaningful Journeys Scholarship and how you can join the fight here.
• Learn more about the impact IM Wealth is making in the lives of physicians here.
• Gain FREE immediate access to all of IM Wealth’s exclusive physician financial wellness resources here.

About the Show:

This isn’t just another finance podcast—it’s a movement. We’re challenging the status quo, cutting through the noise, and giving physicians real strategie