The Business Version of You

Did you know that business owners actually pay taxes differently than most other individuals do? And most doctors have a stream of income or can easily have a stream of income that qualifies them to be taxed at least partially as business owners? If you're getting income that doesn't have taxes withheld, that's called 1099 income. That money comes in, it has not yet been taxed. It's your responsibility to pay the taxes to the government. It's not taken out for you. Because that comes in on the Schedule C on your tax return, your accountant will fill in a bunch of boxes with business expenses. Then what's left after those business expenses is what you end up paying taxes on as a business owner on that business income. In this episode of the Doctors Eyes Only Podcast, we talk about the different ways doctors can potentially take advantage of tax strategies to enhance their current investment plan.