Katherine Vessenes sits down with Brian Bayerkohler, CPA to discuss what doctors can do with their 1099 income, what tax advantages can occur from this side income, and more. If any of these questions apply to you, feel free to skip ahead to any time slot you see fit:
2:47 - What do you see as trends for doctors with 1099 income?
3:54 - Why is it important to diversify a doctor’s income?
5:16 - Can you do a side gig and lose money?
7:11 - What are some examples of home office deductions?
11:20 - What type of entity should my side gig business be?
14:09 - What does it cost to start an LLC?
15:20 - Can I deduct my vacation from taxes if I took a CME class?
19:39 - How can my retirement plan be helped by a Solo 401k?
22:24 - What is a “Defined Benefit Plan”?
26:39 - How can I employ my children in my 1099 side gig?
31:31 - When can I deduct cars?
33:50 - Any final thoughts?
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Katherine Vessenes, JD, CFP®, is the founder and CEO of MD Financial Advisors who serve 500 doctors from Hawaii to Cape Cod. An award-winning Financial Advisor, Attorney, Certified Financial Planner®, author and speaker, she is devoted to bringing ethical advice to physicians and dentists. She can be reached at Katherine@mdfinancialadvisors.com.
Brian Bayerkohler
1-763-427-2542