5 Question Loss Test
Find out how much of your earnings and savings are lost to unnecessary taxes.
1. Estimate your monthly after tax lifestyle costs for food, clothing, entertainment, car expense, mortgage payments or rent, educational costs for children, etc. (1):
$_________________________________________________________________
This figure does not have to be 100% accurate. Come within material accuracy, plus or minus 20%
2. Multiply monthly lifestyle costs (answer 1, above) times 20 to estimate annual taxable compensation you need to provide for your after tax monthly lifestyle costs in a 40% average combined state and federal tax bracket.
(1) $_____________________________________________________ x 20 =
(2) $___________________________________________________________
3. Estimate your annual pre-tax practice income plus add to that any pre-tax interest, dividend, or rental income and any pre-tax income generated by your spouse to calculate your total pre-tax income.
Pre-tax income: $______________________________________________ +
Pre-tax interest, dividend, rental income: $___________________ +
Spouse’s pre-tax income: $____________________________________ +
TOTAL PRE-TAX INCOME: $_____________________________________
4. Subtract compensation need (item 2) from total pre-tax income (item 3):
Total pre-tax income: $________________________________________ –
Compensation needed: $_______________________________________
SURPLUS PRE-TAX EARNINGS: $________________________________
5. Multiply surplus pre-tax earnings (item 4) times 40% to calculate your estimated LOSS TO UNNECESSARY INCOME TAXES THIS YEAR.
Surplus pre-tax earnings: $_______________________________ x .40
= $______________________________________________________________
THIS IS YOUR LOSS TO UNNECESSARY INCOME TAXES THIS YEAR.
If the answer to question 5 is $30,000 or more, you are in a structure that will cause you to lose one million dollars or more of your earnings and savings to unnecessary taxes and unnecessary risk.
We are sure we can help you.
For over 30 years, our firm has helped successful physicians, dentists and other productive individuals across the country maximize the efficiency, control, and safety of the conversion of their earnings to spendable savings.
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Sincerely,
Jeffrey Taxman, MBA
Principal
Physicians Financial Services
402.399.8820 (o) | 402.681.9007 (m)
402.397.9510 (f) | jtaxman@pfsfa.com
Online: www.pfsfa.com
Physicians Financial Services specializes in the unique financial needs of doctors and their families, as well as other productive individuals. A national practice, PFS has administrative offices in Omaha, Nebraska.
You Need Not Be a Doctor: we also work with other productive individuals with similar financial needs.
Further resources from Physicians Financial Services
Download our free E-book
A study of the economics of productive individuals’ lives focused on one question: what do you need to KNOW to succeed financially? A planning program was developed and a high percentage of those who implemented the planning recommendations ultimately achieved financial independence. DOWNLOAD E-BOOK>
Take the Full Loss Test
The Economic “Loss Test” is a diagnostic tool to assess your current financial structure, identifying opportunities. TAKE THE TEST>
Watch Our Webinar
The “Overflowing Buckets” guide to End Losses to Unnecessary Taxes and Risk. Based on the 50-year Doctors Economic Research Project. WATCH WEBINAR>
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Disclaimer
All information provided by Physicians Financial Services is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. Such information also is not and should not be deemed to be an offer to purchase or sell or a solicitation of an offer to purchase or sell, or a recommendation to purchase or sell any securities or other financial instruments. The content in this promotional literature is based on sources that are considered reliable. No guarantee is provided on its accuracy, correctness or completeness either express or implied. The information provided is purely of an indicative nature and is subject to change without notice at any time. The information provided does not confer any rights. The value of your investment may fluctuate. Results achieved in the past are no guarantee of future results. You must make your own independent decisions regarding any securities or other financial instruments mentioned herein. You are advised to seek professional advice as to the suitability or appropriateness of any products and their tax, accounting, legal or regulatory implications.
DOCTORS’ FINANCIAL EDUCATION. Financial Education Series. | © Copyright 2022 Physicians Financial Services. | Jeffrey L. Taxman, MBA, | PFS Consulting LLC | 1810 South 108th St., Omaha, NE 68144, jtaxman@pfsfa.com, 402.399.8820 (o), 402.397.9510 (f)