The Student Loans Reporting Rundown: Recertification vs. RecalculationRecertification: Required annual reporting of income to your student loan servicer to update your IDR payment for the upcoming year. Recalculation: Reporting your income anytime outside of your normal recertification timeline. Why would you do this? Read on! Did you know you are NOT required to recertify your income before March 2023? If you get a notice […]
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The Great Student Loans Servicer Shake-UpExtending the previous article, if you have student loans, your servicer likely has, or will very soon, be changing! Although different, a change in servicer may feel a lot like your bank is selling your home loan. Letters arrive notifying you of the new servicer and generally require you to create a new account online. It’s […]
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What You Need To Know About The IDR (Income Driven Repayment) WaiverLast month we wrote about the “PSLF Waiver” that allowed a one-time recount of qualifying loan payments toward the 10-year forgiveness under the PSLF’s program for those with 10-years of employment with a government (including military) or nonprofit organization. In addition to the PSLF waiver, there is also an “IDR Waiver.” Refresher: “IDR” stands for […]
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Semi-Monthly Payroll: Why Employers Should Be Doing ThisAlthough employees may not like change, switching to semi-monthly payroll can be a benefit to both them and you, the practice owner. First, a couple of definitions: Bi-weekly: payroll is paid every other week, i.e., every 14 days. With 52 weeks per year, that creates 26 payroll cycles and 2 months per year in which there […]
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Eligible For The PSLF Waiver? Act Now!Note: If you’ve never worked for the government or a non-profit, the following is not applicable. Through October 31st of this year, 2022, you may be eligible to have your student loans forgiven if you previously worked for the government (including the military) or a non-profit organization and were not able to qualify your student loan […]
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Your June 2022 Market UpdateOur Chief Investment Officer, Brandon Hobson, recently did a podcast with Drew Phillips, one of our CFO Advisors at PracticeCFO! We highly recommend you listen to this podcast for your quarterly market update. In the hour-long podcast, we discuss the following: Shifting viewpoints at the federal reserve The timing of interest rate hikes in 2022 The impact of […]
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How Can I Reduce My Tax Liability?Tax reduction is the result of comprehensive planning. All too often, doctors will make a financial decision primarily for the purpose of reducing taxes. But the tax tail should never wag the dog. For example, taking 100% section 179 deductions in the year of purchasing new equipment. This will, undoubtedly reduce your tax bill for the […]
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Defining a Defined Benefits Plan - And Why You Should Have OneWe’re often asked what are the best ways to save on taxes and build wealth. Without a doubt, funding a retirement plan is one of them. And for certain doctors, a specific type of retirement plan is a silver bullet. It’s called a Defined Benefit plan, aka “DB Plan” or “Cash Balance Plan.” Here’s answers […]
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How To Respond To A Team Member Asking For A RaiseHave you had a team member ask for a raise? Yes we know, your favorite part of practice ownership. And it probably happens with some frequency. How do you respond? Assuming you want to retain this individual, here are some suggested steps: Acknowledge the important contributions this team member is making to the practice. Don’t allow this […]
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