The Dentalpreneur Podcast w/ Dr. Mark Costes 2080: Turning Income into Wealth
Sep 25, 2024
Derek Van Ness, founder of Big Life Financial, specializes in helping small business owners like dentists build long-term wealth and reduce taxes. In this engaging discussion, he shares crucial strategies for sustainable financial growth and tax optimization. Derek highlights common pitfalls in financial planning and the necessity of proactive decision-making. He also delves into the importance of diversification in investment portfolios and effective retirement planning, ensuring financial stability and enhanced outcomes for dental professionals.
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Dentists Need Strategic Wealth Planning
- Dentists often earn great money but lack time to optimize taxes and protect wealth outside their practice.
- Building sustainable wealth requires strategic planning beyond just running the dental business.
Use Tax-Advantaged Investments
- Consider tax-advantaged investments like oil and gas funds or fee simple land donations to reduce taxable income.
- These strategies must align with your investment goals and be managed with proper professional advice.
Beware Tax Strategy Risks
- Be cautious with conservation easements as they may trigger IRS audits.
- Opt for fee simple land donations, which have lower scrutiny but still provide tax benefits.