This week on Your Dental Top 5 Podcast Amanda Hill discusses the Top 5 tips that are going to help you understand and thrive with your taxes! Amanda brings Chris Sands who is a partner at Pro-Fi 20/20, CPAs to bring us the information we need to know in an easy and understandable way!
Episode Highlights
- 10-99
- Independent Checklist for Independent Contracts
- 40% Rule
- Side Gig
- Retirement Plans
- FSA/HSA
- Tax Credits
Quotes
“For all dentists and hygienists it is becoming law in more and more states that you cannot be paid as a 10-99 employee”
“That control factor is a big deal… if they determine where you are going to be and who you will see, you are an employee”
“There is a 20 point checklist for independent contractors”
“We feel like the IRS rules are open to interpretation… and a lot of times what we think is right, isn’t the law”
“40% of everything you make you should always set aside of taxes”
“The biggest mistake people make is using their tax money and not setting it aside”
“If that income is large enough, you should create an entity”
“The side gig is something I recommend to everyone”
“The person who understands interest earns it, the person who doesn’t understand interest pays it”
Links
Pro-Fi 20/20, CPAs: https://profi2020.com/contact-us/?fbclid=IwAR2cb21CgnpHSnm7eylCC7xBcKKaxp28sW_HCM3BdfU2NfWLbg5LBZgjOrs
The Dental Podcast Network Channel One homepage:
http://dentalpodcastnetworkchannelone.otcpn.libsynpro.com/
The Dental Podcast Network Channel Two homepage:
https://podcasts.apple.com/us/podcast/the-dental-podcast-networks-channel-two/id1478530429
Amanda’s email:
amandahillrdh@gmail.com
More Dental Top 5 Episodes: https://ataleoftwohygienists.com/dentaltop5/
