It's common for dentists to defer clinical and dental practice owner income into a 401(k), Profit Sharing Plan, or IRA during their peak earning years.
That's often a wise strategy to lower a dentist's lifetime tax bill.
But the IRS won't let a dentist avoid that tax bill forever. Required Minimum Distributions begin at a certain age.
If a dentist wants to play the long-term tax game to the best of their ability, it's critical they develop a strategy for RMD's well before they become mandated.
In this episode Dentists, Puns, & Money, Shawn Terrell shares some strategies associated with Required Minimum Distributions.
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Find out more about how our firm helps dentists exiting clinical with tax planning and income optimization by visiting our website, which is dentistexit.com.
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To download a free copy of the 2023 Tax Reference Guide, click here.
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