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What Should I Pay Myself as a Practice Owner with Barry Roach | WP 166
Hi friends! Whitney here — and today's Wise Practice episode is one every single practice owner needs in their back pocket. Whether you're brand-new to private practice or scaling into a thriving group, the same question always surfaces: "What should I actually pay myself?"
It sounds simple… until taxes, entity types, self-employment rules, "reasonable salary" requirements, and quarterly payments make your head spin. That's why I brought on someone who makes money talk feel human — Barry Roach Jr., enrolled agent and owner of Core Accounting & Consulting Group.
Barry has spent years helping therapists understand their numbers, strengthen their financial foundation, and navigate tax decisions with confidence. And in this episode, he breaks down:
✨ When (and when NOT) to elect S-Corp status ✨ What "reasonable salary" really means — no guesswork ✨ The mistake new practice owners make when paying themselves ✨ How to avoid a painful April tax bill ✨ The simple formula for deciding what to take home today
If you've ever wondered whether you're paying yourself too little, too much, or totally wrong… this episode will save you stress, money, and confusion.
Trust me — you're going to walk away feeling empowered and clear on your next steps.
Tune in now and finally get the answers you've been searching for.
02:42 The #1 question practice owners ask: "What should I pay myself?" 07:30 Sole prop vs. LLC vs. S-Corp 09:33 Ouch: the 43% tax reality check 😬 11:16 The S-Corp advantage (a.k.a. how to keep more of your money) 12:48 Paying yourself when your practice is tiny but mighty 14:34 When an S-Corp actually hurts you 16:00 Reasonable salary: the "many hats" method 19:37 The IRS wants its money… quarterly 😅 21:11 Safe harbor rules, in plain English 23:10 Partnerships + guaranteed payments
Barry's Resources
Website Instagram Facebook TikTok
Links and Resources
Looking for support and connection: Join the Wise Practice Community
Learn More about Wise Practice Consulting
Connect with Wise Practice on Instagram
Connect with Whitney Owens on Facebook
Check out all of the podcasts on the PsychCraft Network
Wise Practice Mastermind
View all episodes
By Whitney Owens
5
6565 ratings
Hi friends! Whitney here — and today's Wise Practice episode is one every single practice owner needs in their back pocket. Whether you're brand-new to private practice or scaling into a thriving group, the same question always surfaces: "What should I actually pay myself?"
It sounds simple… until taxes, entity types, self-employment rules, "reasonable salary" requirements, and quarterly payments make your head spin. That's why I brought on someone who makes money talk feel human — Barry Roach Jr., enrolled agent and owner of Core Accounting & Consulting Group.
Barry has spent years helping therapists understand their numbers, strengthen their financial foundation, and navigate tax decisions with confidence. And in this episode, he breaks down:
✨ When (and when NOT) to elect S-Corp status ✨ What "reasonable salary" really means — no guesswork ✨ The mistake new practice owners make when paying themselves ✨ How to avoid a painful April tax bill ✨ The simple formula for deciding what to take home today
If you've ever wondered whether you're paying yourself too little, too much, or totally wrong… this episode will save you stress, money, and confusion.
Trust me — you're going to walk away feeling empowered and clear on your next steps.
Tune in now and finally get the answers you've been searching for.
02:42 The #1 question practice owners ask: "What should I pay myself?" 07:30 Sole prop vs. LLC vs. S-Corp 09:33 Ouch: the 43% tax reality check 😬 11:16 The S-Corp advantage (a.k.a. how to keep more of your money) 12:48 Paying yourself when your practice is tiny but mighty 14:34 When an S-Corp actually hurts you 16:00 Reasonable salary: the "many hats" method 19:37 The IRS wants its money… quarterly 😅 21:11 Safe harbor rules, in plain English 23:10 Partnerships + guaranteed payments
Barry's Resources
Website Instagram Facebook TikTok
Links and Resources
Looking for support and connection: Join the Wise Practice Community
Learn More about Wise Practice Consulting
Connect with Wise Practice on Instagram
Connect with Whitney Owens on Facebook
Check out all of the podcasts on the PsychCraft Network
Wise Practice Mastermind
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