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Connor McCullough - Northwestern Mutual Consultant and Advisor to Entrepreneurs, Pre-Retirees, and Established Families

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The 20% deduction most physicians don't getPhysicians who own a practice or earn 1099 income often hear about the 20% qu...
10/22/2026

The 20% deduction most physicians don't get

Physicians who own a practice or earn 1099 income often hear about the 20% qualified business income deduction. It sounds like it should apply. For most, at their income, it doesn't.

Medical practices fall into a category the tax code calls specified service businesses. For 2026, the deduction for those businesses starts phasing out at $201,750 of taxable income for single filers and $403,500 for joint filers, and it's gone entirely at $276,750 and $553,500.

Two more details people miss:
• It applies only to business income, such as a practice owner's share of profits or 1099 earnings. W-2 wages from a hospital never qualify.
• It's measured on taxable income, not gross. Pretax retirement contributions and other deductions can bring some physicians, often early-career owners or part-time physicians, back into range.

For a physician near the line, the deduction can be worth thousands. For one well past it, planning time is better spent elsewhere.

Has anyone ever told you whether you're above or below that line, or did the deduction just never come up?

10/22/2026

No matter which tier you find yourself in, I’m ready to meet you where you are and help you create a plan. So wipe your tiers, I got you.

Moonlighting, locums shifts, expert witness work, a medical directorship. A lot of physicians pick up 1099 income alongs...
10/21/2026

Moonlighting, locums shifts, expert witness work, a medical directorship. A lot of physicians pick up 1099 income alongside their main job, and most treat it as extra cash and a bigger tax bill.

It can also open a second retirement plan.

Independent income can support its own solo 401(k). The employee deferral limit, $24,500 for 2026, is shared across all of your plans, so if you're already maxing your hospital plan, there's no new room there.

But the employer side of a solo 401(k) can let you contribute a share of that side income on top of it, pretax.

Two details are worth checking before assuming it works:

• If your main plan is a 403(b), a special rule can combine its limit with your side business's plan.
• 1099 income has no withholding. Quarterly estimates, or extra withholding at your main job, keep April from being a surprise.

Side income has a way of becoming a permanent part of the picture. Planning for it usually beats reacting to it.

If you're earning outside your main job, is any of it going somewhere other than your checking account?

Higher borrowing costs are raising questions about the artificial intelligence spending boom. Read this week’s market co...
10/20/2026

Higher borrowing costs are raising questions about the artificial intelligence spending boom. Read this week’s market commentary for a closer look at the risks to growth and why diversification remains important. http://spr.ly/6189BHrnlT

Many physicians at nonprofit hospitals are offered a 457(b) on top of their 403(b). It looks like a second chance to sav...
10/20/2026

Many physicians at nonprofit hospitals are offered a 457(b) on top of their 403(b). It looks like a second chance to save $24,500 pretax, and for a high earner that's valuable.

What often gets skipped in the benefit's presentation is which kind of 457(b) it is.

A governmental 457(b), the kind offered by public universities and county hospitals, behaves a lot like a 403(b).

A non-governmental 457(b), the kind most private nonprofit hospitals offer, works differently:

• The money stays an asset of the hospital until it's paid to you, so it's exposed to the hospital's creditors.
• It generally can't be rolled into an IRA when you leave.
• Many plans require a payout election around the time you separate, and a lump sum can land in a single high-income tax year.

None of that makes it a bad plan. For plenty of physicians it's still worth using. But it's a different decision than the 403(b), and it deserves its own look: the hospital's financial strength, the payout options, and how long you expect to stay.

Do you know which kind of 457(b) your hospital offers, and what happens to it if you leave?

10/20/2026

Note to self, don’t let your money get in the way of next year’s new you. Reach out to me and we’ll make sure you’re set up to start the year off on the right financial foot.

Saving for your child’s education can feel overwhelming—but you don’t have to figure it out alone. A 529 plan can be a h...
10/19/2026

Saving for your child’s education can feel overwhelming—but you don’t have to figure it out alone. A 529 plan can be a helpful tool, and I can help you decide how it fits into your broader financial plan. http://spr.ly/6185BGUAUZ

You've probably seen the pitch: rent your home to your business for up to 14 days a year, the business deducts the rent,...
10/16/2026

You've probably seen the pitch: rent your home to your business for up to 14 days a year, the business deducts the rent, and you receive it tax-free. Sometimes it comes with a daily rate that sounds like a luxury venue.

The rule is real. It's Section 280A(g) of the tax code, nicknamed for homeowners near the Masters in Augusta, Georgia, who rent out their houses during tournament week.

The hype is where people get into trouble. In a 2023 Tax Court case, an S corporation paid its owners thousands of dollars a month for meetings held at their homes. The court cut the deduction to $500 per meeting: there was no comparable rental rates, no agendas or minutes, and only a small part of each home was actually used.

What tends to hold up: a rate backed by what comparable spaces nearby actually rent for, a genuine business use, a written agreement, and a record of each meeting.

Done carefully, it's a modest, legitimate benefit. Done carelessly, it's an audit flag with your home address on it.

Have you seen this one pitched, and was there a number attached?

10/15/2026

Want to find the right game plan for your finances (and still keep your nose)? I can help you build stability for your future and let go of what's not working. If that sounds nice, let’s chat.

Markets have continued to climb, but leadership has become more concentrated as investors weigh persistent inflation, hi...
10/15/2026

Markets have continued to climb, but leadership has become more concentrated as investors weigh persistent inflation, higher rates, and rising uncertainty. See Northwestern Mutual Wealth Management Chief Investment Officer Brent Schutte’s take on what the shift from broad growth to narrower market leadership could mean for investors. http://spr.ly/6182BH8Nlm

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