Being a 1099 as an MD has its own special rewards.. and challenges.   You’ll have to learn to provide your own benefits, and understand the limitations and opportunities they each provide.

One of the best opportunities is tax planning or tax efficiency.   As an employed only W-2, it simply is just not possible to save 10, 15 or 20 cents on the dollar using good strategic tax planning.     But a thoughtful 1099 based earner certainly can.   Thats one part of becoming an excellent 1099MD.

With the most recent tax changes, there are some incredible new opportunities along with so many of the well known existing possibilities, as well as the loss of several too.   Start with an easy article before going on to the harder ones to to see the highlights before the deep dive.

Ready for more detail?  This article provides a comprehensive review of one key new opportunity and its link to this article provides another detailed take on the impact of the tax rules affecting high income 1099 earners.   Both are worth a close read.

Not everybody loves figuring out ways to maximize tax efficiency, but you should if you want to keep more of those hard earned 1099 dollars.

Stay tuned for additional insights on how you can maximize your tax efficiency, purchase appropriate insurance products, and make smarter financial decisions.

ps.  If you’d like a succict summary of 2018 tax changes, I found this article Tax Reform The Biggest Changes to be quite helpful.