Taxes. I know it’s probably not a topic you enjoy talking about or thinking about. But the reality is that we all have to pay taxes. You have to give a huge chunk of your hard-earned money to Uncle Sam every year, and depending on which state you live in you have to give another huge chunk to your state government. As they say, the only two certainties are death and taxes. There’s no way to avoid it. Is there?
Actually, Bill Black is here to demonstrate that there is a way to avoid giving a huge bundle of your money to the tax collector every year. Bill is the president of W.H. Black & Company, a firm that specializes in pension and life insurance planning. Bill has been in the field of pension administration for four decades, and he specializes in custom-designed plans for closely-held businesses and professional practice owners. Bill is also a widely respected national and international speaker with regards to financial topics.
Bill works with his clients to set up retirement plans that are tailored to benefit the practice owner, and he is a true expert at maximizing the potential tax savings these professionals can achieve. In Bill’s experience, the biggest thing working against most practice owners is their own misunderstanding of tax law, and there are a number of misconceptions that many people carry about retirement plans and the law. You may be surprised to hear some of the many ways in which plans can be structured to benefit you, and I hope you find much value in my conversation with Bill Black.
Myths and Misconceptions
During our conversation, Bill shared that the single biggest (and potentially costliest) misconception about plans is that practice owners are required to extend coverage to all their employees. This myth, according to Bill, sprang up because the major coverage creators use a one-size-fits-all strategy rather than tailoring a plan to the needs of the practice, and that’s what sets Bill and his team apart.
The reality is that only certain of your employees need to be offered coverage, and only after they have been with you for a certain period of time do they become vested into the plan. Employees that leave before they become vested can leave your plan with only 20% or so going to actual employees and the remainder of the funds unclaimed. What Bill does is help clients maximize their tax savings through qualified and non-qualified plans to defer or avoid taxes.
Making Sense of Pension and Retirement Planning
The financial side of things is always complex, and they probably didn’t teach you much about business administration or accounting in dental school. You know the expression, “what you don’t know can’t hurt you”, but in reality what you don’t know about money can be incredibly costly.
That’s why it’s always a good idea to get a professional like Bill involved. They can offer you strategies you were unaware of, can help you avoid costly mistakes, and they can guide you to make the best long-term decisions. Why would you want to give up more of your money to taxes unnecessarily, when there are many perfectly legal mechanisms you can use to help minimize your tax burden? A trained professional can help you find and employ those methods.
I hope you enjoy and get great value from my conversation with Bill Black. If you’d like to learn more about his firm and the services they provide, you can visit their website at //pensionspecialist.net/ for information or to contact them directly. And, as always, I encourage you to visit www.theprogressivedentist.com for more informative podcast episodes like this one.