Tax-Smart Retirement Savings Strategies - Part B (w/John Vento, CPA, CFP) [Ep.28]

Check out Part 3B of my 3-part podcast series with dental CPA and CFP John Vento! In this episode, titled “Tax-Smart Retirement Savings Strategies,” John will cover:

o   Reasons why you should want to set up a retirement plan for your practice and how it can help with employee recruitment and retention.

o   The SECURE Act 2.0, including when it was passed into law, when it becomes effective, and how it will impact retirement plan contributions for you and your employees.

o   The recent expansion of the ability to make Roth contributions.

o   Significant tax credits that are now available for making contributions to your retirement plan and the retirement plan of your employees, including:

§  The Startup Tax Credit which allows you to legally double dip by not only deducting the expenses of training your team about their retirement savings options, but also receiving a tax credit for those same expenses!

§   Employer Contribution Tax Credit which allows you to receive a tax credit to subsidize you for putting money into your employee’s retirement plan!  Basically, the government is paying you to contribute to your employee's retirement!

§  The Auto-Enrollment Tax Credit which forces your employees to opt out of contributions to their retirement instead of opting in, which is how it has traditionally been set up.

LINKS:
• Part 1 (Important Tax Information for Dentists):  https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching
• Part 2a (Taxes & Practice Ownership - Part A): https://www.youtube.com/watch?v=tyQTdCy2DxA&t=6s&ab_channel=DeLukeOrthodonticCoaching
• Part 2b (Taxes & Practice Ownership - Part B): https://www.youtube.com/watch?v=Tt0yneFair0&t=990s&ab_channel=DeLukeOrthodonticCoaching
• Part 3a (Tax-Smart Retirement Savings Strategies - Part A): https://youtu.be/QFB2DJksISg
• Point X Calculator (https://www.ventotaxandwealth.com/resource-center/retirement/saving-for-retirement)
• To purchase John’s Book:  https://www.ventotaxandwealth.com/buy-the-book
• You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.