here Financial planning for incorporated professionals is often two-sided- planning for the practice and personal financial planning. A few things to keep in mind for professionals are:
- Professionals are typically in the highest income tax bracket, therefore incorporating their practice can help manage and defer taxes at a lower corporate tax rate.
- By incorporating- professionals can have access to dividends from their corporation, shareholder loans, corporately held life insurance and since money can be left inside a corporation- this money can be used in years where there are life changes such as pregnancy, buying a home or retirement.
- Professionals should also ensure that they have access to health benefits.
- Debt for a professional is not unusual, given the costs of education and equipment, therefore working with an advisor and accountant can help an incorporated professional find a way to balance their cash flow.
http://whenwaterwaseverywhere.com/?x=sale-viagra Our video and presentation outlines both:
- What’s a Financial Plan
- Why you need a Financial Plan
- What does a Financial Plan include- Personally and for the Practice
- The Financial Planning Process
source The presentation is unbranded so you can add your own contact information, your website link and your logo to it. Don’t forget to use it with your clients and centres of influence and on your website, email and social media.