White Coat Investor Podcast

WCI #452: The Case for Self-Employment with Dr. Tod Stillson

Jan 1, 2026
Guest
Tod Stillson
Dr. Tod Stillson, a rural family physician and founder of the Physician Entrepreneur Academy, passionately argues for the empowerment of self-employment in medicine. He discusses the benefits of independent contracting, including autonomy and job stacking opportunities. Tod highlights the importance of business literacy and corporation formation, while also examining trade-offs between higher pay and lost benefits. The conversation is lively, with a thoughtful counterpoint from James Dahle, making it a must-listen for anyone considering their employment options.
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INSIGHT

Real Tax Benefits Of An S‑Corp Are Limited

  • The primary tax saving from an S-corp is reducing payroll (Medicare) taxes via distributions.
  • Retirement-account flexibility and savings are often similar between sole proprietor and corporate forms.
ADVICE

Run An As‑Is Vs As‑If Analysis

  • Run an 'as‑is vs as‑if' tax analysis with a CPA before switching to 1099 or forming a corporation.
  • Compare sole proprietor, S‑corp and C‑corp scenarios on your actual numbers.
ADVICE

Include Accounting Costs In Your Math

  • Expect higher accounting costs for corporate returns and factor them into net tax savings.
  • If tax savings roughly equal return costs, incorporation may not be worth it financially.
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