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.
Summer Tax Deadlines! ☀️
|
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 ensure that you avoid being hit with any underpayment penalties when you file your 2024 return next April. 👉 Make your Federal Estimated Tax Payment here. See below ⬇️ my signature for links to certain state Estimated Tax Payment websites. If you have a 401(k), there is an additional filing deadline coming up in July, see below for more details. As always, if you have any questions about what I’ve covered today — or anything else happening in your financial life — HIT REPLY and ask away! I read and respond to every email. Best, PS: I recently chatted with my friend Uriah on his podcast the Productive Therapist. We talked about all sorts of tax tips. Click here to read a summary – and listen to the episode. 🔊 State Estimated Tax Payment Websites 🌎👉 Make your California personal & business Estimated Tax Payments here. 👉 Make your Illinois personal & business Estimated Tax Payments here. 👉 Make your Louisiana personal & business Estimated Tax Payments here. 👉 Make your Massachusetts personal & business Estimated Tax Payments here. 👉 Make your New Jersey personal Estimated Tax Payments here. 👉 Make your New Jersey Pass-through Entity Tax Estimated Tax Payment here. 👉 Make your New York State & City personal Estimated Tax Payments here. 👉 Make your Oregon personal & business Estimated Tax Payments here. 401(k) Form 5500 Due July 31st! 🇺🇸If you have a 401(k) with an aggregate balance of $250,000 or more, you’re required to file Form 5500 each year by July 31st. (Technically the last day of the 7th month after the plan year ends, but plan years almost always end on December 31). 🌟 If you have a company like Guideline managing your 401(k) they will almost certainly take care of this on your behalf. (Although it doesn’t hurt to double check.) If you have a Individual 401(k) often you will need to file Form 5500 on your own. This IRS website provides an overview on how to file. |
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, 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...
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...