Once you have retired or sold your dental practice, you might find yourself living on a fixed income. But even if that’s the case, it doesn’t automatically exempt you from paying taxes on what income you still do take in. That’s why it’s important to work with a dental CPA from Reliance Consulting, LLC, on tax diversification planning for your retirement income. Steps you take now, while your practice is thriving, can help you minimize your income tax burden later in life.
A dental CPA from Reliance can provide sound advice for retirement savings – and how to best position yourself to work on tax diversification planning for your retirement income. Since opening our doors in 1984, Reliance has made it a priority to help dentists and other physicians determine the best way to create financial security in retirement. That includes preparing to answer questions about retirement income taxes, such as: Will you pay quarterly taxes? And, if you worked for a large dental conglomerate, how much will your former dental company withhold from a pension payout? Sources of income that can potentially affect the amount of income tax you’ll pay in retirement include:
- Some retirement account distributions
- Social Security distributions
- Pension payments
- Other income, including inheritance or other monetary windfalls
The experienced staff at Reliance Consulting takes pride in being reachable and responsive. We’ll anticipate your needs and reply with accurate and authoritative answers to all your questions. Contact Reliance today, and ask about our comprehensive dental practice consultation services.