Year End Tax Savings Opportunities for Dentists and Small Business Owners, with Dr Mark Costes, Part 2, #72
This week we are featuring part two of my conversation on the “Dentalpreneur Podcast” with Dr. Mark Costes. In our conversation, we finished discussing the 7 year end tax strategies for dentists. While this conversation is tailored to the dental industry, many other high-income earners can learn helpful tips that apply to their situation too. Have pen and paper ready, you don’t want to miss a minute of this informative episode!
You will want to hear this episode if you are interested in...
Tax savings for end of year planning [2:00]
Maximizing your 401k and IRA options [4:00]
Tax credits for an electric vehicle [7:00]
Protecting your investments in the long term [9:00]
Common mistakes people make with investing [11:30]
Understanding a cash balance pension plan [16:00]
Tax credits can help
Did you know that you can get a substantial tax credit from the federal government for purchasing an electric vehicle? It’s true! For many high-income earners like dentists, securing a tax credit from the federal government can be a huge benefit when it comes to the end-of-the-year tax bill.
Under the current rules, when you buy a new electric vehicle, you can claim up to $7,500 in credit against the federal income taxes you owe in the year in which you buy the car. In other words, it reduces your tax liability. If you’re eligible for a refund, you’ll get whatever the amount of your credit on top of that.
Tune into this episode as I expand on tax credits, electric vehicles, and so much more!
Common mistakes made
Let’s face it, one of the best ways to learn is by avoiding the mistakes that others have made. Over the years I’ve noticed and documented the most common mistakes that people make when planning for retirement. By far, the most common mistake that people make is procrastinating. When it comes to investing, time is one of the most important factors - by procrastinating you are robbing yourself of a central element that you can’t get back! To learn more about avoiding mistakes like procrastination and making the right choices when it comes to your retirement, make sure to listen to this episode!