Taxes 101, with Scott Clynch CPA of Cain Watters

Today's episode is all about taxes. As pediatric dentists, we have tax issues, and dental school doesn't give us the foundational knowledge we need to understand how taxes work and how to play the game.  Scott Clynch is a CPA and personal financial planner at Cain Watters. He joins us today to talk about how taxes work. We start big picture with basic concepts and definitions, and then walk through how taxes work at each career stage that a typical pediatric dentist goes through. Some things we talk about: - Marginalized vs effective tax rate, differences between deductions and credits - W2 vs 1099 employees - What can an employee dentist do to lower his/her tax bill? - What is an S-corp and how does it work? - What expenses should be run through a practice? What areas are grey and what's on the black list? - When does it make sense to implement a 401k plan for tax purposes? - What is a capital gains tax, and how does it work when a pediatric dentist finally sells his/her practice?