Don't neglect your 2012 financial 'to do' list

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.

SECOND QUARTER

THIRD QUARTER

FOURTH QUARTER

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 medec@advanstar.com

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