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.
đ Making next tax season less painful
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Hello Reader, The initial tax filing deadline has come and gone and hopefully youâve crossed that finish line without too much sweat and tears! Of course, if youâve filed an extension, you still might be in the thick of it. đ° I realize that the last thing you probably want to spend time on right now is planning for next yearâs tax filing deadline. But now is actually the perfect time to plan. Why? Because everything is fresh in your mind. What went well? What didnât go so well? What would you like to be different? Take some time to think it over. If you have any questions, feel unsure or stuck about anything, HIT REPLY and ask away. Happy to help if I can. And if you found your bookkeeping process caused some difficulties getting your taxes done, I have a fun gift for you! (Itâs not that fun, but hopefully itâs useful.) đ Click here to get your copy of my Simple Bookkeeping Tracker spreadsheet! đ§ŽIt comes with a video explainer walking you through how to use it, what you need to keep track of (and why). Even if you have a great bookkeeper youâve outsourced this work to, there are a couple tax-related items youâll need to keep track of yourself. Those include personal health expenses, expenses âsharedâ between your personal life and your business, business miles driven and personal vehicle expenses. Yes, tracking all this stuff is a pain. But keeping careful track now will greatly help the next season go more smoothly. Plus, it helps you reduce your tax bill! As always, if you have any questions about what Iâve covered today â or anything else happening in your financial life â HIT REPLY and ask away! I read and respond to every email. Best, PS: the best bookkeeping and tax deduction hack I know of is to use dedicated accounts and credit cards. Keep all your business expenses in your business bank accounts or credit cards. If youâre incurring a lot of personal medical bills and want to keep track of those for the medical expense tax deduction, have a credit card JUST for medical bills. This way if you fall behind on keeping track of those transactions (which almost inevitably will happen), you can just download all the transactions from that account and know youâve got everything you need! |
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 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 tonightâs fireworks. đ Before your eyes glaze over at the mention of the word âbudgetâ, hear me out. I promise not to drone on with the usual âsave more, spend lessâ mantra. Instead, Iâll share a little secret with you. A budget is not a restriction on your spending, itâs a liberation from financial stress. Think of your budget as your own...
Hello Reader, Weâre entering the summer season, which of course means a tax payment will soon be due! 𫤠Your second Estimated Tax Payment is due on June 17th. (Typically June 15th, but thatâs 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...
Hello Reader, Iâve been excitedly working on a rent versus buy calculator in my spare time. (Iâm a numbers dork, yes this is the type of thing that I get excited about!) đ¤ But the other week I tossed my draft calculator in the garbage bin. đď¸ Why, you ask? Because the New York Times just came out with a truly EXCELLENT rent versus buy calculator. It was fancier and more slick than anything I could put together and honestly⌠theyâve thought of everything. As soon as I saw it, I knew I needed...