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Physicians with their own practices often are too busy to think ahead about their tax planning. Don't let that happen to you.
Physicians with their own practices often are too busy to think ahead about their tax planning. So as 2012 kicks off, it's a great time to get a head start and avoid a last-minute rush to your accountant come December. Here's a quarterly to-do list to help you get ahead of the game:
Note that the catch-up contribution limits to 401(k) and 403(b) accounts have not changed. The more you contribute, the more tax-deferred savings you'll accumulate for retirement.
Even if you are happy with your adviser, it doesn't hurt to get a second opinion about your overall financial situation. Taking these steps will reduce your stress level next December-and maybe save some money.
The author is chief executive officer and senior financial adviser at Brinton Eaton, a wealth advisory firm in Madison, New Jersey. The ideas expressed in this column are the author's and do not represent the views of Medical Economics. If you have a comment or a topic you would like to see covered here, send it to firstname.lastname@example.org