PMOD13 - Keep and Protect More of What You Make: Best Practices in Tax Reduction, Corporate Structure, Benefit Planning and Asset Protection for AAOMS Members
Continuing from the discussion delivered for AAOMS in 2020 on the CARES Act, the Paycheck Protection Program and financial actions to take during the COVID-19 crisis, this session is designed to educate AAOMS members on ways to be more financially efficient in 2021. AAOMS members want to "do well" financially while "doing good" for their patients. Yet, few are maximized in terms of their financial efficiency at either their practice or in their personal planning. This session will educate attendees on a variety of tools, tactics and strategies that can be employed to reduce taxes, build greater retirement wealth and protect that wealth from potential liabilities and litigation. Topics will include tax-saving techniques in 2021, the use of S and C corporations, LLCs, all types of qualified retirement plans and IRAs, non-qualified plans and the pros and cons of each. Further, the session will cover exempt assets, FLPs, trusts and a variety of other legal tools that can be used to shield the practice and personal assets from potential risks.
Learning Objectives:
At the conclusion of this presentation, participants should be able to:
Define techniques for making the practice better protected and more tax efficient in order to better focus on patient care.
Evaluate the pros and cons of using LLCs, S and C corporations and disregarded tax entities for practices.
Differentiate between qualified plans and non-qualified plans that can be used in a practice environment to help employees build retirement wealth while reducing taxes for the practice.