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What are the Four Tax Buckets?
Manage episode 349068306 series 2815037
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In this episode Dentists, Puns, & Money, we're again discussing income taxes and tax diversification.
We dive into the four ways dentists' income will be taxed, and examples of the action that can be taken for dentists to lower their lifetime tax bill.
What is tax diversification? How can dentists and dental practice owners think about this topic as they contemplate their exit from clinical dentistry?
Not all income is created equally in the eyes of the IRS.
So if you are a dentist motivated to pay the least amount of tax over your lifetime, if you’re motivated to be as tax efficient as possible, it really starts with being intentional in how and when you put money in and how you take money out of the four different tax buckets.
That’s how you come out ahead on taxes.
As a reminder, you can get all the information discussed in today’s conversation by visiting our website dentistexit.com and clicking on the Podcast tab.
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