033 – That 1099 vs W2 Life with Dave Denniston
My next guest is Dave Denniston who is a Chartered Financial Analyst that works with physicians. He also is a fellow podcaster and hosts the Freedom Formula for Physicians Podcast. I am definitely a fan of the podcast and this is due to his knowledge, consistency, and genuineness. The show covers a wide range of relevant topics to docs including student loan debt, burnout, and reducing tax burden.
I brought him on the show to talk about how the Docs Outside the Box Nation can learn to manage taxes more efficiently. Don’t dismiss this podcast – you’ll going to learn a lot from this interview. This is a very important subject especially if you plan on living outside the box, which is quite different than a W2 situation.
Dave is also an author of four books that you can find on Amazon.com right now:
- Freedom Formula for Physicians: A prescription for First-Class Financial Health For Doctors
- Insurance Guide for Doctors
- 5 Steps to Get Out of Debt for Physicians Workbook
- 17 Myths Uncovered About Financial Freedom for Doctors: It’s Not What You Make, It’s What You Keep
Things you’ll learn in this episode:
- Dave shares his touching personal story as to why he works with doctors
- Compare and contrast W2 vs 1099
- Is there a risk to being an independent contract and the public service loan forgiveness program
- What’s the difference between a LLC and a S corporation
- How tax deductions help business owners
- Common tax deductions that he sees physicians miss all the time
Disclaimer: ***Please see your Tax CPA before taking this advice***
Links talked about during the show:
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Check out our sponsor Set for Life Insurance: www.setforlifeinsurance.com