Informed Perspectives
Key Dates for Planning Your Financial Health in 2023
As 2023 jumps into gear, you may be thinking about plans and goals for the coming year and beyond. Maybe your plans include financial planning, or maybe one of your goals is to take a look at your financial health and set yourself up for the future. Your financial health involves more than just yearly taxes and planning - the more you check up on it, the easier it is to follow your plan. Whether you're a self-employed physician or a physician employed at a healthcare organization, it’s important to follow a calendar to regularly check up on your financial health.
As 2023 jumps into gear, you may be thinking about plans and goals for the coming year and beyond. Maybe your plans include financial planning, or maybe one of your goals is to take a look at your financial health and set yourself up for the future. Your financial health involves more than just yearly taxes and planning - the more you check up on it, the easier it is to follow your plan. Whether you're a self-employed physician or a physician employed at a healthcare organization, it’s important to follow a calendar to regularly check up on your financial health.
January
January is the ideal time to take a look at your spending in 2022 and find any changes you’d like to make in your budget. If you’re an employee, now is the time to make changes to your retirement accounts and tax-advantaged healthcare savings accounts like your HSA or FSA. If you haven’t started an IRA or looked into setting up a Backdoor Roth IRA, the beginning of the year is a good time to do so. Read more about why IRA’s are beneficial for physicians here.
In January 2023, you’ll see changes in limits and amounts for Social Security and retirement savings. The maximum taxable income for social security increases to $160,200. The maximum employee contribution to a 401(k) increases to $22,500 and the maximum employer and employee contribution equals $66,000. IRA contributions max out in 2023 at $6500.
January 31st is also the deadline for paying your fourth quarter 2022 estimated tax payment if you didn’t pay your taxes through withholding. February 15th is the deadline for income reported on a 1099.
February
After looking at your accounts in January, February is a good time to continue making sure any other payments and budgeting are up to date.
If you claimed exemption from income tax withholding and wish to do so again in 2023, January 15th is the deadline for getting a new W-4 form filed to remain exempt.
March
Don’t wait until the last minute to start organizing tax documents and reviewing your taxes. Get started in March to make sure everything is in order, so you’re not rushing in the beginning of April.
April
This year, the deadline to get your taxes in falls on April 18th. It’s the due date for tax returns from the 2022 tax year, paying your first quarter estimated tax payment for 2023 if that applies to you, and filing a tax return extension form for an automatic 6 month extension. Make sure to review your specific situation ahead of time to figure out exactly what you need.
April 18th is also the last day to contribute to your 2022 IRA (without an extension) or HSA.
May
While May doesn’t have any significant due dates or deadlines, make sure to set a time to review your budgeting and make sure it’s been on track in the first half of the year. A great way to organize your finances is to use Forme’s client portal. Also, if you haven’t created an estate plan, May is a good time to start working on that. If you already have a plan in place, review it and make sure it’s up to date.
June
June 15th is the deadline for getting in the second quarter 2023 estimated tax payments. If you have children that are in or entering college in 2023, and are planning on filing for financial aid, the deadline to file the FAFSA for the 2023-2024 school year is Junes 30th.
July & August
July and August are also free of deadlines, but are a good time to look into your investments and make sure you’re investing the amount you want to reach your retirement goals.
September
September 15th is the due date for third quarter 2023 estimated tax payment if you aren’t paying taxes through withholding.
October
If you received an automatic extension on your tax returns, October 16th is the last day you have to get them in. If you have children who are going to be attending college during the 2024-2025 school year and are planning on applying for financial aid, both the FAFSA and the CSS Profile open in October.
November
November is when most open enrollment for health insurance begins. If you’re planning on enrolling in a new plan for 2024, most enrollment periods span from November-January. Since you’re already reviewing your health insurance, November is a good time to look over any other insurance you may have, such as car insurance, homeowners insurance, or liability insurance. Make sure the policies you have cover your needs.
December
December 31st is the last day to contribute to charity for a tax deduction. December is also an opportune time to look into gifting to family members or loved ones and the tax deductions that may accompany that. December 31st is also the last day to contribute to your 401(k) for 2023.
Your financial health needs constant check-ups to make sure you’re on track to meet your financial goals. By planning in advance and scheduling times throughout the year to review different components of your financial health and wellness, you’ll have a better idea of how you’re doing. Take a look at the plan you and your financial advisor have developed, and use these dates as reminders to check up on your financial health. If you want more guidance on what steps to take, and how to maneuver through these key dates for financial planning, a Forme Financial Advisor is here to help.
General Disclaimer
The information provided herein was prepared for educational purposes only and is not a solicitation to buy or sell any security or insurance product, nor an offer to provide investment advice. All examples are hypothetical and for illustrative purposes only. Nothing contained herein should be construed as legal or tax advice and is not intended to replace the advice of a qualified tax advisor or legal professional. The information contained herein may have been compiled from third-party sources we believe to be reliable but cannot guarantee its accuracy or completeness.
Forme Financial is an SEC-registered investment adviser. Additional information about Forme Financial, including its services and fees, is available online at http://adviserinfo.sec.gov/.
Past Specific Recommendations
This communication contains past specific securities recommendations for illustrative purpose only. Forme Financial makes no assurances, nor should it be assumed, that recommendations made in the future will be profitable or will equal the performance of the securities included in this presentation. Due to various factors including changing market conditions, such recommendations may no longer be appropriate; nor should any past recommendation be taken as personalized investment advice. You may request from us free of charge a list of all securities recommendation made within the immediately preceding period of at least one year accompanied by the following disclosures: (1) the name of each security recommended; (2) the date and nature of each recommendation; (3) the market price of the security recommended at the time; (4) the price at which the recommendation was to be acted upon; (5) the market price of each such security as of the most recent practicable date. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. Any presentation of the performance of such past specific securities recommendation does not reflect the deduction of an investment management fee, or any transaction costs or custodial charges, the incurrence of which would have the effect of decreasing indicated historical performance results. It should not be assumed that your account performance of the volatility of securities held in your account will of will correspond directly to the referenced past securities recommendations.
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