I help therapists navigate every element of their financial lives: from understanding your practice P&L and building a personal budget to managing student loan debt and investing for retirement... and everything in between. But don't let my love of the tax code and spreadsheets scare you off! You're just as likely to find me with my nose buried in one of Pema Chodron's books as reading up on the latest financial planning techniques.
Do this or get a $215k fine (not kidding) 😧
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Hello Reader, Remember all the talk of the Corporate Transparency Act and mandatory Beneficial Ownership Information (BOI) filings from the beginning of this year? No? You’re not alone! Surprisingly few business owners have completed the mandatory FinCEN filing. But this is something you want to take care of. If your BOI filing is late, you accrue a fine: $591 EACH DAY! 😧That adds up to over $215,000 in a year. Oh and there are also potential CRIMINAL penalties: a fine of $10,000 and two years imprisonment. 🙈 Who needs to complete the FinCEN BOI filing?Anyone who has beneficial ownership of an entity that was created by filing paperwork with the Secretary of States office. Translation: anyone with an LLC (or PLLC), Corporation (or Professional Corporation) and some forms of partnerships. If you operate as a Sole Proprietorship, you likely do not need to file. But if you have questions or are uncertain, best to check with a qualified attorney. Of course I’m not an attorney and therefore not an expert in regulatory compliance. But one attorney I know suggested “If in doubt: file.” That approach makes sense to me since filing is really easy and quick – and the penalties are disastrous. Step-by-step Video Guide on Completing Your Mandatory FinCEN BOI FilingThe easiest way to do this is in two (short) steps:
Want a video walking you through each step of completing the online forms? You got it! 👇 👉 Create your personal FinCEN ID Video Guide. 👉 Complete your business entity FinCEN BOI filing Video Guide. Links to the Online FormsIt’s quick and easy. (Really! Not kidding!) Personal FinCEN ID: Click here to complete. BOI Filing for each business entity of which you have beneficial ownership: Click here to complete. Go and get it done! 🏁Hit reply with any questions on the mechanics. Questions on the rules and complying: please, please, please reach out to a qualified attorney before you run out of time! Best, PS: Don’t forget about the FREE BUDGETING WEBINAR next Friday with Julie Herres & me! It’s 60 action-packed minutes you don’t want to miss. (Yes, we are gonna make budgeting fun & approachable – we really try to!!) |
Hi there! I'm a financial planner for therapists!
I help therapists navigate every element of their financial lives: from understanding your practice P&L and building a personal budget to managing student loan debt and investing for retirement... and everything in between. But don't let my love of the tax code and spreadsheets scare you off! You're just as likely to find me with my nose buried in one of Pema Chodron's books as reading up on the latest financial planning techniques.
Hello Reader, I once heard that every human being is neglecting some essential element of their life at any given point in time. One important thing I’ve been neglecting is sharing financial tips with you through this newsletter! 😧 So… my October Resolution (is that a thing?) is to be more consistent in sharing helpful information with you! To kick it off, I want to let you know about a live webinar I’ll be holding with my friend Julie Herres of GreenOak Accounting in a few weeks! 🔗 Click...
Hello Reader, I hope this email finds you in the midst of preparing a legendary BBQ, or perhaps strategically placing your lawn chair for the best view of tonight’s fireworks. 🎇 Before your eyes glaze over at the mention of the word “budget”, hear me out. I promise not to drone on with the usual “save more, spend less” mantra. Instead, I’ll share a little secret with you. A budget is not a restriction on your spending, it’s a liberation from financial stress. Think of your budget as your own...
Hello Reader, We’re entering the summer season, which of course means a tax payment will soon be due! 🫤 Your second Estimated Tax Payment is due on June 17th. (Typically June 15th, but that’s a Saturday this year… so you get a few extra days.) Whether you receive part of your Private Practice earnings through a paycheck or not, you typically will need to make Estimated Tax Payments over the course of the year. These Estimated Tax Payments, when combined with any payroll tax withholding, help...