Mastering Tax Debt: Strategies and Solutions for Therapy Practice Owners

In this insightful episode of 'Therapy for Your Money,' host Julie Herres of Green Oak Accounting provides therapy practice owners with essential guidance on managing tax debt. Julie covers crucial steps for addressing IRS notices, exploring payment plans, and applying for offers in compromise. She warns about the potential consequences of neglecting tax responsibilities and explains IRS procedures before drastic actions like wage garnishment or account seizure are taken. The episode also highlights the importance of timely payments, strategies for managing large debts, recognizing tax-related scams, and common IRS errors like misplaced payments. Additionally, Julie promotes a detailed tax course designed to help business owners better manage their finances. Tune in to gain control over your financial situation, avoid pitfalls, and keep your practice profitable.

Episode Highlights

00:00 Welcome to Therapy for Your Money

00:45 Dealing with Tax Debt: An Overview

01:41 Understanding IRS Power and Consequences

03:01 First Steps: Responding to IRS Notices

05:18 The Importance of Professional Help

06:31 Options for Managing IRS Debt

08:10 Importance of Timely Payments

08:46 Offer in Compromise: When and How

10:01 Requesting More Time from the IRS

10:32 IRS Mistakes and How to Handle Them

12:40 Beware of Scams

14:50 Conclusion and Additional Resources

Links and Resources

• Everything you need to know about taxes as a business owner: https://www.greenoakaccounting.com/tax
• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy
• Podcast Production and Show Notes by Course Creation Studio