#232: Tactical Tuesday: Two Factors that Impact your Earnings as a Business Owner: Tax Rates & Retirement Planning
Healthcare Boss Academy Podcast
Release Date: 02/15/2022
#358: The Pros & Cons of Having a Business Credit Card
Healthcare Boss Academy Podcast
OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, presents the pros and cons of having a business credit card. If you choose to have one, he provides tips on how to use the card wisely. EPISODE HIGHLIGHTS: Jason shares an example of someone who funded their startup with a business credit. He changed his mind on the business and presumed he wouldn't be held personally responsible for the debt. He was wrong. Jason explains the differences between a small business credit card and a corporate credit card. A corporate credit...
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#357: Are You a Creator, Controller or Owner?
Healthcare Boss Academy Podcast
OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy talks about how to create wealth in today's economy, including the two ways to do this and the three types of people who create wealth through their assets. EPISODE HIGHLIGHTS: The right way to create passive or semi-passive wealth is to create multiple assets vs trading your time for money or ‘working your ass off.' There are three categories of people with assets: creators, controllers, and owners. Creators generate revenue using their mind to build or create...
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#356: Systematizing Multiple Streams of Revenue
Healthcare Boss Academy Podcast
OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy, talks about if and when you should consider looking into multiple streams of revenue – and how to systemize them. EPISODE HIGHLIGHTS: Creating multiple streams of revenue may be the obvious way forward but it also has its pros and cons. Timing and taking little steps should always be your focus if you want all of them to succeed. Systemize your streams of revenue. Doing everything at once will only lead to inefficiency and even failure. Stop pulling yourself into...
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#355: Find Your Capital-S Story and Communicate the Value of Your Business Through Effective Storytelling with Paul Furiga
Healthcare Boss Academy Podcast
OVERVIEW: “Some are born great, some achieve greatness, and some hire public relations officers.” – Daniel J. Boorstin Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, sits down with Paul Furiga, President and Chief Storyteller of WordWrite. In this episode, Paul shares decades’ worth of knowledge on Public Relations, such as various PR concepts, how to use PR to gain success, and his take on the difference between Advertising and PR. EPISODE HIGHLIGHTS: He spent about 20 years in Journalism, wrote about 10,000...
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#354: Are you an aspiring entrepreneur burdened with student loan debt?
Healthcare Boss Academy Podcast
OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast talks about how – and if – you should start a business when you have student loan debt. EPISODE HIGHLIGHTS: In the US, student debt totals 1.6 trillion dollars. The average student graduates with just under 38k in student loans. And 15% of the US population currently has student loan debt. Jason shares five tips for those struggling with student loans yet still want to launch their business. First, choose your institution wisely. As a student, think about the return...
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#353: How to Build Audiences, Authority & Connections
Healthcare Boss Academy Podcast
OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, talks about how to become a guest on a podcast show. He also discusses the benefits of being a guest, including building your authority in your area of expertise, growing your audience and developing connections. EPISODE HIGHLIGHTS: Being on a podcast show is similar to appearing as a guest on a YouTube channel or writing a guest blog post. It allows you to reach new audiences. Jason has five tips for becoming a guest on a podcast show ability to speak well...
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#352: Using Innovative Technology in Healthcare to Improve Patient Care and Clinic Efficiency with Kathrine Saunders
Healthcare Boss Academy Podcast
OVERVIEW: Obesity is a disease. It's not just a lifestyle issue. Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, sits down with Katherine Saunders, Co-Founder of Intellihealth, Diplomat of the American Board of Internal Medicine and the American Board of Obesity Medicine, and Host of the Weight Matters Podcast. Join us in this episode as we debunk the long-standing stigma surrounding obesity and learn more about Katherine and Intellihealth's mission to bring accessible medical obesity care for all. EPISODE HIGHLIGHTS ...
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#351: 3 Ways to Attract Top Talent: Autonomy, Title & Flexibility
Healthcare Boss Academy Podcast
OVERVIEW Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, talks about how to attract the top talent to your team when starting or running a new business. EPISODE HIGHLIGHTS: If you’re launching or starting a new business, building a team of talented people is important for growth. When you have a great team, you can deliver great products and service. When it comes to hiring new employees, position the benefits of working for your company, especially if you can’t offer a big salary. One advantage of working for an...
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#350: When Should you Discharge an Angry Customer?
Healthcare Boss Academy Podcast
OVERVIEW: Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast talks about the best way to manage irrational and overly demanding customers. EPISODE HIGHLIGHTS: When you own a business, complaints are something you can't escape. There are ways you can manage angry customers while maintaining the integrity of your company. Be empathetic and listen to what unsatisfied customers are saying. Put yourself in their shoes and really listen to the core reason behind their complaint. Unhappy customers are louder than happy customers....
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#349: From Pharmacy to Agency: How David Lu Changed His Trajectory with Video Production
Healthcare Boss Academy Podcast
OVERVIEW: “We're not competitor-obsessed, we're customer-obsessed. We start with what the customer needs and we work backwards.” — Jeff Bezos Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, sits down with David Lu, Founder of Axon Video Strategy. In this episode, David shares how he combined his years of Pharmacy experience, passion for Business, and for Video Production expertise to build his value-driven career today. We also learn what separates a regular skill from an in-demand, client-centric service. Tune in to learn more...
info_outlineOVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, talks about two factors that influence how much you should pay yourself as a business owner. This episode references Tactical Tuesday #231 where Jason explains how to leverage tax benefits through an S Corp. In this episode, Jason continues to discuss additional factors to consider: your FICA tax rate and retirement planning.
EPISODE HIGHLIGHTS:
- Paying yourself through an S Corp. is a tax-saving strategy.
- It’s important to know your retirement goals because that’s going to play into how you set your W2 income.
- There are two types of retirement plans. A self-employed IRA and the contribution limit is 25% of your salary. And there’s a Solo 401K or Individual 401K, which is currently capped at $19,500.
- With the Solo 401K, you can contribute on your own and the business can also contribute, which is capped at 25%.
- Each type of plan has a different set of rules, regulations, and limits around it.
- One thing to consider is if you set up a company contribution at 25% for your own retirement goals, you’ll need to do the same for your employees at the same rate.
- Tax savings for your business is only one side of the equation. Planning for retirement is another so be sure to hire a consultant to guide you through both areas.
3 KEY POINTS:
- The way you set your W2 salary is going to be the biggest driver not only in your taxes in terms of FICA, but it's also going to be a factor in how much you can contribute to your retirement accounts.
- If you set your W2 salary too low, you're saving some FICA tax, but at the same time, you're limiting your ability to contribute to your retirement account.
- You have to match how much company contribution you’ve set up for yourself before you had employees for all employees you hire thereafter.
TWEETABLE QUOTES:
“You have to treat yourself, as the owner, the same way you treat your employees.” - Jason Duprat
“You always want to be thinking about your retirement goals. That's going to help you determine which plan to set up.” - Jason Duprat
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RESOURCES:
- Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
- Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
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