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In our perfect world, you’d never need to borrow from your 401(k) OR cash out your IRA. We don’t intend to recommend either of these strategies by writing about them, however, sometimes people run into a cash crunch and after exhausting other options turn to their retirement savings for help. 

Is your dental practice an S-Corp? If so, each year you face the challenge of determining how much you should pay yourself in W2 income verses how much should flow through to your tax return as passthrough income.

As I discuss estate planning with my clients, I inevitably think about my personal estate plan.  My kids will inherit what will seem like a lot of money to them, considering how frugally they were raised (downside of being brought up by a financial planner!).  I want them to manage it well, understand why I made the estate planning decisions I did, and I have some ideas about ways the

Over the years, I have found that one of the most important pieces of any vacation is the ease of traveling to that destination. I don’t care how wonderful the final location may be, if the journey includes multiple flights, delays, lost luggage, and poor customer service, then I would prefer to stay home and work.

If you’re a practice owner with a 401k, Cash Value, or Profit Sharing Plan, now is the time to look at your employer contributions to the plan.  Defined benefit, discretionary matches, and profit sharing contributions are based on last year’s compensation numbers. 

Did you know Sharon is a passionate speaker and loves talking to dentists about how to make good financial decisions? In 2020 her goal is to connect with study clubs to help their members learn and prepare for their financial future.

She has a breadth of financial knowledge ready for you including:

As a Dental Practice Owner, you have a huge advantage over a typical employee in your ability to fund a retirement plan, and the tax benefits are significant.  "Uncle Sam" is helping you fund your retirement in the form of tax deductions.  

UPDATE:  The IRS extended the 2020 tax deadline through May 17, 2021. This extension gives Americans an extra month to file their taxes and extends the deadline for contributing to your 2020 HSAs and IRAs.

We love it when clients maximize investments in your tax-advantaged plans.  For 2020, some maximum contribution limits changed and others did not.  Here’s a quick listing of maximum contributions for various types of retirement plans:  

No change for 2020:

I am happy to announce my completion of Kansas State University’s Financial Therapy graduate certificate program. “Financial therapist” is a little bit of a weird term so I’d like to clarify: I am not a therapist.