Your Future Self Will Thank You for This

Published 6 months ago • 1 min read

Hey Reader,

November’s here—and that means the end of the tax year is creeping closer.

If you’ve got some extra income this quarter (or want to lower your tax bill), now’s the perfect time to double-check your retirement contributions.

A few smart moves before December 31 could save you money come tax season.

Already have a retirement account?

Now’s a great time to review your practice’s profitability and see if you can (or should) top off your contributions before year-end.

Contribution limits vary by account type and income level — so we recommend checking the official IRS guidelines here.

Don’t have a retirement plan yet?

Here are some common options for therapists and how to choose:

Solo Practice, earning under $100K?
→ Consider a Traditional or Roth IRA (quick to set up, low maintenance)
Solo Practice, earning over $100K?
→ Consider a SEP IRA or Solo 401(k) to maximize your deduction
Group Practice Owner (with employees)?
→ Look into a SIMPLE IRA or 401(k) to stay compliant and attract talent

Before the year ends, give your future self a boost by contributing what you can to retirement—it’s a smart way to reduce taxes and build wealth.

The Update: News for Your Practice

1) 8 Ways to Build a Community-Driven Business

Gabriela Fiorentino, Founder of Nest Earth, shares strategies for keeping community at the core of your business.

2) Insurance Reimbursement Rates for Psychotherapy [2025]

Not all insurance companies pay the same — and they definitely won’t tell you their rates up front. Read to find out more.

3) Ensora Health releases Future of Therapy report

Where is the therapy field headed by 2030?

“Do not save what is left after spending; instead spend what is left after saving.” — Warren Buffett

Have more questions?

Check us out

Talk soon,

Emily

P.S. Want help running the numbers or reviewing your books before you decide?

Just reply to this email — we’re here to help.

49 Lake Dr., Wells, ME 04090
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