December 14, 2020

Don’t Take Tax Advice from Therapists

38 minutes

An interview with Julie Herres of GreenOak Accounting on why you shouldn’t take tax advice from random therapists in a Facebook Group. Curt and Katie talk with Julie about common mistakes therapists make while trying to do their own bookkeeping and accounting, a new way to look at expenses, what is (and is not) tax deductible, what business entity you might consider, and why the picture is extra complex right now, meaning expert advice is especially important.

It’s time to reimagine therapy and what it means to be a therapist. To support you as a whole person and a therapist, your hosts, Curt Widhalm and Katie Vernoy talk about how to approach the role of therapist in the modern age.

Interview with Julie Herres, GreenOak Accounting

Julie Herres is an accountant and the owner of GreenOak Accounting. Her firm provides accounting, bookkeeping & tax services to private practice owners throughout the United States. Their mission is for every practice to be profitable! Julie and her team have worked with hundreds of private practice owners, so they are uniquely positioned to be a trusted advisor to clients. Julie also hosts the Therapy For Your Money Podcast, where she talks about all things money & finance for private practice.

In this episode we talk about:

The common mistake of not saving enough for taxes

Bookkeeping mistakes

How to look at your numbers, what numbers you should know about

Expenses that may be outsized for your need

Problem-solving for when your numbers are out of whack

The importance of planning and having a conversation with an expert

Being a good steward of the money that is coming into your therapy business

What you can do proactively to plan for your business and taxes

What you can do to clean up your books and then plan ahead going forward

The value of basic budgeting and forecasting, even for 2021

Uncertainty and luck can be navigated

Covid expenses and plans for investing in growth

What you can still do to address 2020 taxes (including quarterly tax payments)

What to spend money on when you have extra money at the end of the year

The possibility of maximizing retirement accounts, etc.

What you can do into 2021 that still impact 2020 taxes

The need for really good advice based on the complexity of income, loans, etc.

Which experts to go to for advice, which to go to implement your plan

The danger of taking tax advice from a FB group and other questionable advice

Personal expenses are not typically tax deductible (therapy, clothes, makeup, etc.)

What you can deduct related to gifts

Marketing expenses and usual and necessary expenses for business.

Different business entities and some of the things to consider when deciding (spoiler alert: get advice because these things are so complex and depend on your full financial picture

Things to consider in becoming a corporation and who to get help from

How to prepare for changes (or potential changes) expected for 2021

The way in which having an accountant can support you in staying abreast of what you need to know as a business owner

Resources mentioned:

We’ve pulled together resources mentioned in this episode and put together some handy-dandy links. Please note that some of the links below may be affiliate links, so if you purchase after clicking below, we may get a little bit of cash in our pockets. We thank you in advance!

Julie’s website: GreenOak Accounting

Therapy for Your Money Podcast

Free tax planning checklist: greenoakaccounting.com/tax

Relevant Episodes:

The 4-1-1 on your 401K

Connect with us!

Our Facebook Group – The Modern Therapists Group

Get Notified About Therapy Reimagined Conferences

Our consultation services:

The Fifty-Minute Hour

Credits:

Voice Over by DW McCann https://www.facebook.com/McCannDW/

Music by Crystal Grooms Mangano http://www.crystalmangano.com/

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By Curt Widhalm, LMFT and Katie Vernoy, LMFT

4.3

237237 ratings

December 14, 2020

Don’t Take Tax Advice from Therapists

38 minutes

Don’t Take Tax Advice from Therapists

Interview with Julie Herres, GreenOak Accounting

In this episode we talk about:

The common mistake of not saving enough for taxes

Bookkeeping mistakes

How to look at your numbers, what numbers you should know about

Expenses that may be outsized for your need

Problem-solving for when your numbers are out of whack

The importance of planning and having a conversation with an expert

Being a good steward of the money that is coming into your therapy business

What you can do proactively to plan for your business and taxes

What you can do to clean up your books and then plan ahead going forward

The value of basic budgeting and forecasting, even for 2021

Uncertainty and luck can be navigated

Covid expenses and plans for investing in growth

What you can still do to address 2020 taxes (including quarterly tax payments)

What to spend money on when you have extra money at the end of the year

The possibility of maximizing retirement accounts, etc.

What you can do into 2021 that still impact 2020 taxes

The need for really good advice based on the complexity of income, loans, etc.

Which experts to go to for advice, which to go to implement your plan

The danger of taking tax advice from a FB group and other questionable advice

Personal expenses are not typically tax deductible (therapy, clothes, makeup, etc.)

What you can deduct related to gifts

Marketing expenses and usual and necessary expenses for business.

Different business entities and some of the things to consider when deciding (spoiler alert: get advice because these things are so complex and depend on your full financial picture

Things to consider in becoming a corporation and who to get help from

How to prepare for changes (or potential changes) expected for 2021

The way in which having an accountant can support you in staying abreast of what you need to know as a business owner

Resources mentioned:

Julie’s website: GreenOak Accounting

Therapy for Your Money Podcast

Free tax planning checklist: greenoakaccounting.com/tax

Relevant Episodes:

The 4-1-1 on your 401K

Connect with us!

Our Facebook Group – The Modern Therapists Group

Get Notified About Therapy Reimagined Conferences