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    3 key money matters for new medical practices


    Take on taxes with a retirement plan

    Once the basics are set up, many successful physicians find themselves with two major issues to address: taxes and employees. “Finding and keeping great employees has been my number one worry as a practice owner, and taxes top my list of financial concerns,” Salibi says.

    Work with your wealth management team to find and implement the right qualified retirement plan thatwhich can remedy these issues by rewarding employees and providing a method for the physician to save money towards their own retirement on a pre-tax basis, often alleviating significant tax burdens. Additionally, non-qualified plans, annuities and insurance products can sometimes be used to reward key members and provide an element of control over how the practice owner rewards and retains those individuals. 


    Find great employees

    A staggering number of physicians often wait until it’s too late to seek out the right professional team and establish some of these basic steps. Seek out the right professionals and begin by going through a process of discovery with them. 

    This process should take place at least once per year and some of the steps outlined here will just be the beginning. Your selected team will likely ask some pointed questions, and you should too. Ensure that your professional team works together and is in good contact. The best scenario is one that has you building a practice that is creditor protected, tax efficient, and builds towards a lifetime of financial security. 


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