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.


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.

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