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1099 or W-2? Tax and Financial Impacts for Dentists
Manage episode 464010163 series 3612979
Content provided by Conor Mahlmann, CFP®, CSLP® & Jake Courtney, CFP®, CSLP®, Conor Mahlmann, and Jake Courtney. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Conor Mahlmann, CFP®, CSLP® & Jake Courtney, CFP®, CSLP®, Conor Mahlmann, and Jake Courtney or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Learn how employment classification can make or break your financial plan as we explore the key differences between 1099 independent contractor roles and W-2 employee positions.
Special guest Kathleen Boyd, CFP®, CSLP®, CBDA, from the SLP Wealth dental planning team, joins us and shares expert insights on how each option affects your taxes, benefits, legal protections, and long-term financial goals. If you’re an associate evaluating job offers or a practice owner deciding how to structure your team, tune in to discover how to choose the path that sets you up for success, both in your practice and your finances.
Key moments:
(03:35) If someone offers you the choice of being a “1099 employee,” it’s a red flag
(09:51) W-2 employees can save on taxes because employers pay half of FICA taxes
(13:50) Moving from W-2 to 1099 shifts tax responsibility, but it can benefit high earners
(18:53) 1099 associates can claim business deductions that W-2 employees can’t
(24:39) Qualifying for a mortgage is harder for business owners than W-2 employees
Links mentioned in this episode:
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