May 7, 2025 • 13 mins
Unexpected tax bills can be stressful, but there are practical steps you can take to handle the current situation and prevent surprises in the future. Creating proper financial systems and working proactively with your CPA will help your therapy practice maintain financial stability throughout the year.
• Options for handling an unexpected tax bill include filing extensions or setting up payment plans with the IRS
• Take what you owed this year, divide it across remaining months, and increase withholdings accordingly
• Consider life events that may have affected your taxes (marriage, children leaving home, new income sources)
• Establish separate bank accounts for different purposes, including a dedicated tax account
• Increase the percentage of income allocated to taxes if you've been underpaying
• Meet with your CPA at least twice yearly - during tax season and again mid-year
• Work with financial professionals who can help establish proper systems and infrastructure
If you need help creating financial systems for your practice, there's a link in the description to talk to our team members and get assistance in that area.
Meet with one of our coaches
*Intro/outro song credit:
King Around Here by Alex Grohl
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
So we just wrapped up tax season and, if you're like
a lot of people, you might'vebeen hit with a really big tax
bill.
I have some clients that I wasworking with who were shocked
when they realized they owed alot of money for their taxes.
What can you do at this point?
They were stressed, they wereoverwhelmed, weren't sure what
their options were.
Today I'm going to guide youthrough not only what you can do
(00:21):
if you received a big tax bill,but also how can you prevent it
again in the future.
My name is Craig and I'm theowner of Daisy Financial
Coaching.
Our team is on a mission tomake your therapy practice
permanently profitable.
If you own a solo or grouppractice, we're here to help you
build a business that createsmore time, makes more money and
(00:42):
serves more people.
This is the Therapy BusinessPodcast.
I remember tax year back in 2024, whenever I was filing my taxes
.
We were shocked when we foundout that we owed a lot of money
on our taxes.
We were, I'm talking like over$10,000 on a tax bill.
Never in the past had I owedmoney on my taxes.
(01:05):
I'm always been really goodabout paying my tax estimates,
about managing that and keepinga pulse on it, meeting with my
CPA regularly.
However, in 2023, we had a lotof life change happen that fell
under the radar, and by that Imean I didn't really take it
into account and my CPA, I guess, just didn't know all the facts
I wasn't giving take it intoaccount and my CPA, I guess,
just didn't know all the facts Iwasn't giving them to him, and
(01:26):
so, therefore, we were shockedwhen we owed a big tax bill.
My wife had just started a newjob back in 2022 at the end of
2022.
And so we didn't see theeffects of those tax changes on
the 2023 when we filed back in2023.
However, what we discoveredlast year was that we weren't
withholding enough on herpaychecks.
(01:47):
We didn't notice it the yearbefore because she'd only been
working there for about threemonths of that year, and so it
really didn't have a big impact.
However, for that full yearthat she was working and not
enough was being withheld, itdidn't matter what I was doing
on my end we weren't withholdingnearly enough as a married
couple, and so we ended uphaving a huge tax bill On top of
that.
I'm a musician.
(02:08):
I had a really good year in mybusiness as well, as I was very
active musically, and sincethat's just a side sole
proprietorship side income, itraised up our tax, our tax
obligation.
So here we are facing this billand luckily we had money in
savings.
We kind of had a pulse on itwhen I talked to my CPA in
(02:30):
January, before we actuallystarted submitting paperwork,
and realized we are probablygoing to owe and so we had some
ramp up time to start savingmoney.
However, one of my clients justrecently came back to me after
being gone for about a year.
They came back for morecoaching and one of their
biggest pain points was theyreceived a big fat tax bill,
similar Things.
I guess they were just moreprofitable last year and because
(02:51):
of that they weren't paying inenough taxes.
So what can you do at that point?
A lot of times it isoverwhelming, it's stressful.
We're already kind of anxiousand nervous when it comes to
filing taxes and then here weare, owing the IRS.
It's too late to do anythingabout the past, so the only
(03:12):
thing we can really do is eitheryou can file extensions if you
need to have a little bit moretime to collect things, if you
feel like there's somethingwrong, if you feel like you need
to get more paperwork togetheror you just get on a payment
plan with the IRS to pay offthis tax debt.
Now, if you have money insavings, then it might be
beneficial to go ahead and justtake care of that, like we did.
(03:38):
We had some money set aside insavings and then we took a few
months to ramp up and save alittle bit extra to, so we
didn't have to drain our savingstoo low.
But if you have the cash, thenyeah, it might make sense to
just go ahead and take care ofit, pay it off.
If you don't, that's okay.
Just set up a payment plan withthe IRS to make sure it's
getting taken care of.
Really, what we want to focuson is what can we do moving
forward to make sure that thisdoesn't happen again.
So I'm going to guide youthrough just a few things to be
(03:58):
thinking about, a few exercisesyou can do.
Now I want to preface this withI am not a CPA, my team, we are
not tax professionals, and soall the things I'm going to be
sharing today it's not taxadvice.
I highly highly recommend youtake all of this to your CPA to
make sure that for your specificsituation, it makes sense.
What I'm going to be guidingyou through is some ways to
(04:20):
think and process through it sothat you can set up and make a
change for the future.
I don't know the specifics ofyour situation and I definitely
don't know tax law well enoughto be giving you advice in that
realm, advice in that realm.
That said, let's talk aboutsome ways that you can reframe
your thinking, some systems youcan set up in your business and
your personal life to make surethat you are set up for next
(04:41):
year to not be in this situationagain.
First of all, we want to takewhat we owe and figure out what
do we need to increase ourwithholdings from and again,
this is a conversation for yourCPA.
This is what I did.
We talked to my CPA and I saidokay, do I and my business need
to increase my withholdings?
Does my wife and what wedecided?
Like I told you she wasn'twithholding enough.
So we went in and we changedher withholdings.
(05:01):
What I did was I took what didwe owe that year, we divided it
across 12 months and we went andchanged her her paycheck
withholdings so that we couldoffset that.
So we in your, when you go toyour HR department, if you can
do it online, or again if it'syourself inside your payroll
software, you can change howmuch is withheld by just simply
(05:22):
saying I want X dollars amountadditionally withheld on top of
what you're already withholding.
So let's just say that you were.
For simplicity's sake, I'mgoing to say $1,200.
I know that's probably ifyou're listening to this and
you're worried about your taxpayment, you probably owed a lot
more.
But $1,200, that would bedivided by 12 is $100 a month.
So I'm going to say monthly,I'm going to have an additional
(05:45):
$100 withheld from my paycheck.
If I'm paid twice a month, thenit's going to be $50 per month
withheld from my paycheck.
That means from now until theend of the year, after 12 months
.
Then here we are.
We're going to be able towithhold that 1200 and that
should balance itself out.
Now, if you didn't find outuntil April, you don't have 12
months, right?
So figure out how many monthsyou have left in the year.
(06:07):
If there's only six months left, well then that's $200 a month.
We're going to be withholdingextra on our paychecks to pay
for our federal income taxes.
So this is just a school ofthought that we can go about it
If you want to be safe a littlebit.
On the safe side you could do250.
You could just round it up alittle bit to make sure that
you're covering your taxes there.
You could also make sure you'redoing quarterly estimates.
So if you're somebody who'sdoing quarterly tax payments
(06:29):
you're not on payroll, maybeyou're just a traditional LLC or
a sole proprietorship then makesure you are doing your
quarterly estimates accurately.
And you might increase those aswell by about the same amount.
So the same thing 1200,.
We're going to divide that byfour.
So every three months you'regoing to pay $300 more for your
tax, quarterly tax estimates.
Where this does not become asolid rule of thumb is your
(06:53):
business might grow over the Ihope it grows this year and that
means your tax obligation isgoing to increase because you're
making more.
And so by simply just paying anadditional a hundred $200 a
month towards taxes, if you havean identical year to last year,
then theoretically that shouldsolve the problem.
But not always Some otherschools of thought want to take
into into.
(07:13):
To think about would be whathappened in our personal lives
last year.
Is there an anomaly that maybechanged?
What happened?
Home purchases, home selling,any major purchases you're
having.
Did you have a major life event?
Did you have kids?
What could have maybe swungthis one way or the other?
And that can go back a coupleof years too.
(07:34):
Maybe two years ago you had oneof those life changes that
helped you on your taxes andthen now this year you're not.
Maybe two years ago you had oneof those life changes that
helped you on your taxes andthen now this year you're not.
Maybe you had a kid move out ofthe house and you're no longer
claiming that dependent andsuddenly boom, you're hit again
with just more tax.
So take all of these thingsinto consideration as we're
making a change Now.
The best way to set yourself upfor next year is to make sure
(07:57):
you have a tax account, so weare big believers in having
multiple bank accounts toorganize our finances so that
when you have income coming in,you can divide it out across
these core bank accounts to makesure that you're always covered
.
Now, the core accounts that werecommend for therapy practices
would be having a profit account, so that you can make sure
profit is specifically set aside.
(08:18):
You have an owner's pay account, so to make sure that you are
getting paid regularly and ontime, in the same amount every
single time.
A tax account, which is whatwe're talking about now, money
that you're setting asidetowards taxes, operating
expenses, and then also, weusually recommend a payroll
account if you have a team ofclinicians working under you.
Now, this tax account, whatpercentage are we allocating to
(08:41):
that?
And so this is where you canincrease that percentage, so you
have more money going towardtaxes.
If you've been setting aside 10%of your income toward taxes,
then if it wasn't enough, let'sramp that up, maybe to 12 to 15%
going into that tax account.
Then at the end of the year,let's just say you do have a tax
bill.
Maybe you have some cash inthere.
So even if you don't changeyour withholdings, if you're
(09:03):
adding more money, if money'sbuilding up in there, you've
increased what you're puttinginto that tax account.
Then by the end of the year,hopefully you should have some
cash built up in there to payoff any unexpected tax that you
might owe when it comes time tofile.
So a lot of these things we cando to be proactive.
That is really the key.
Don't beat yourself up if youfound that you have a tax bill.
(09:23):
You're not a failure.
It's really difficult andconfusing.
We have something ascomplicated as tax law and
filing taxes and it falls on usas individuals and business
owners to try and figure it outas we are getting things
compiled ready to file.
So give yourself grace, butalso use this as an opportunity
to learn and to grow and to makesure that this doesn't happen
(09:44):
to you again in the future.
So look back to see what factorscame into play.
Why was this tax bill higher?
Talk to your CPA, see whatinsights they can give you.
Why might it have beendifferent this year than
previous years?
If you've been owing everysingle year, then I think it's
probably time to go ahead andmake some of these tweaks and
changes.
If your CPA is saying, yep, itlooks like moving forward, this
(10:06):
is going to be the norm, thentalk to them about those changes
that you can make.
What adjustments to yourwithholdings do you need to make
, either on your payroll side or, if you're married, on that
spouse's payroll side, if youhave side hustles, side income?
So again for my situation withthe band, I wasn't paying into
quarterly and now I am, becausethat's just as the band was
(10:27):
growing and I was making a lotmore money from that.
Previously it wasn't reallyaffecting our taxes and now it
is, and so I have to adjust whatI'm doing.
I highly recommend having a taxpro in your corner that you meet
with at least twice a year,usually around tax time, when
you are filing, you're going togo over what it looks like, and
then I always recommend settingup a time in the summertime,
(10:49):
maybe halfway through, so that'sJuly August.
This is a great opportunity toreconnect with them.
Usually in the summers they are.
Their workload is a lot less.
They still have a lot of thingsthey're doing.
I'm not saying that they'redoing nothing.
They're busy, but the April 15tax deadline has passed and so
usually they're a lot moreavailable to have those 15,
(11:09):
30-minute calls.
A great CPA like mine is goingto walk you through exercises
and project what they think youmight owe this next year.
So they might take what yourrevenue was this year Mine will.
So if I met with mine in July,we're going to take my six
months of revenue from this year.
We're going to look at my PNL.
He's going to take that intoaccount.
(11:30):
He's going to take into accountany other side income we're
earning and we're going toproject what we might owe, what
we might receive back.
So these are all exercises thatyou can do with a good CPA, and
I highly recommend it.
If yours is not willing to dothat, then it might benefit you
to find one who will, so thatyou're not caught off guard
Again when April hits, it's toolate.
It's too late to do anythingabout it, and so this guessing
(11:52):
game every year.
We want to move away from that,and so find a CPA, and then
also find a person who can be inyour corner, somebody who's
looking into your finances withyou, whether it's a CFO, whether
it's a profit coach, like whatwe do somebody who's able to
help you stay organized and havethat system if you don't have
it already.
Paying more, saving more fortaxes, is a great philosophy, a
(12:14):
great thing to be doing.
If you don't have the systemsand infrastructures in place,
it's not going to happen andyou're going to keep this cycle
going where every tax year, youare stressed, anxious,
frustrated, because a big taxbill is hitting and you don't
have cash in the bank to takecare of it.
If you need help creating thatsystem and infrastructure we eat
that stuff for breakfast.
There's always a link in thedescription to talk to one of
(12:35):
our team members and get somehelp in that area.
Don't let the taxes get youdown.
You're doing great.
You are on top of it.
Let's make this the last yearyou owe a bill.
If you owed one, if you havenever owed a bill, great job.
But stay on it.
Keep in pulse.
All the advice I was givingabout communicating with your
CPA is still into effect.
I didn't owe for years and then, all of a sudden, we owed one
(12:56):
year.
So it can sneak up on you ifyou're not careful.
So be proactive, have thoseconversations, save for taxes
and you'll be doing great.
Thanks for joining us on theTherapy Business Podcast.
Be sure to subscribe, leave areview and share it with a
practice owner that you may knowIf your practice needs help
getting organized with itsfinances or just growing your
(13:16):
practice.
Head to therapybusinesspodcomto learn how we can help.
So we just wrapped up tax season and, if you're like
a lot of people, you might'vebeen hit with a really big tax
bill.
I have some clients that I wasworking with who were shocked
when they realized they owed alot of money for their taxes.
What can you do at this point?
They were stressed, they wereoverwhelmed, weren't sure what
their options were.
Today I'm going to guide youthrough not only what you can do
(00:21):
if you received a big tax bill,but also how can you prevent it
again in the future.
My name is Craig and I'm theowner of Daisy Financial
Coaching.
Our team is on a mission tomake your therapy practice
permanently profitable.
If you own a solo or grouppractice, we're here to help you
build a business that createsmore time, makes more money and
(00:42):
serves more people.
This is the Therapy BusinessPodcast.
I remember tax year back in 2024, whenever I was filing my taxes
.
We were shocked when we foundout that we owed a lot of money
on our taxes.
We were, I'm talking like over$10,000 on a tax bill.
Never in the past had I owedmoney on my taxes.
(01:05):
I'm always been really goodabout paying my tax estimates,
about managing that and keepinga pulse on it, meeting with my
CPA regularly.
However, in 2023, we had a lotof life change happen that fell
under the radar, and by that Imean I didn't really take it
into account and my CPA, I guess, just didn't know all the facts
I wasn't giving take it intoaccount and my CPA, I guess,
just didn't know all the facts Iwasn't giving them to him, and
(01:26):
so, therefore, we were shockedwhen we owed a big tax bill.
My wife had just started a newjob back in 2022 at the end of
2022.
And so we didn't see theeffects of those tax changes on
the 2023 when we filed back in2023.
However, what we discoveredlast year was that we weren't
withholding enough on herpaychecks.
(01:47):
We didn't notice it the yearbefore because she'd only been
working there for about threemonths of that year, and so it
really didn't have a big impact.
However, for that full yearthat she was working and not
enough was being withheld, itdidn't matter what I was doing
on my end we weren't withholdingnearly enough as a married
couple, and so we ended uphaving a huge tax bill On top of
that.
I'm a musician.
(02:08):
I had a really good year in mybusiness as well, as I was very
active musically, and sincethat's just a side sole
proprietorship side income, itraised up our tax, our tax
obligation.
So here we are facing this billand luckily we had money in
savings.
We kind of had a pulse on itwhen I talked to my CPA in
(02:30):
January, before we actuallystarted submitting paperwork,
and realized we are probablygoing to owe and so we had some
ramp up time to start savingmoney.
However, one of my clients justrecently came back to me after
being gone for about a year.
They came back for morecoaching and one of their
biggest pain points was theyreceived a big fat tax bill,
similar Things.
I guess they were just moreprofitable last year and because
(02:51):
of that they weren't paying inenough taxes.
So what can you do at that point?
A lot of times it isoverwhelming, it's stressful.
We're already kind of anxiousand nervous when it comes to
filing taxes and then here weare, owing the IRS.
It's too late to do anythingabout the past, so the only
(03:12):
thing we can really do is eitheryou can file extensions if you
need to have a little bit moretime to collect things, if you
feel like there's somethingwrong, if you feel like you need
to get more paperwork togetheror you just get on a payment
plan with the IRS to pay offthis tax debt.
Now, if you have money insavings, then it might be
beneficial to go ahead and justtake care of that, like we did.
(03:38):
We had some money set aside insavings and then we took a few
months to ramp up and save alittle bit extra to, so we
didn't have to drain our savingstoo low.
But if you have the cash, thenyeah, it might make sense to
just go ahead and take care ofit, pay it off.
If you don't, that's okay.
Just set up a payment plan withthe IRS to make sure it's
getting taken care of.
Really, what we want to focuson is what can we do moving
forward to make sure that thisdoesn't happen again.
So I'm going to guide youthrough just a few things to be
(03:58):
thinking about, a few exercisesyou can do.
Now I want to preface this withI am not a CPA, my team, we are
not tax professionals, and soall the things I'm going to be
sharing today it's not taxadvice.
I highly highly recommend youtake all of this to your CPA to
make sure that for your specificsituation, it makes sense.
What I'm going to be guidingyou through is some ways to
(04:20):
think and process through it sothat you can set up and make a
change for the future.
I don't know the specifics ofyour situation and I definitely
don't know tax law well enoughto be giving you advice in that
realm, advice in that realm.
That said, let's talk aboutsome ways that you can reframe
your thinking, some systems youcan set up in your business and
your personal life to make surethat you are set up for next
(04:41):
year to not be in this situationagain.
First of all, we want to takewhat we owe and figure out what
do we need to increase ourwithholdings from and again,
this is a conversation for yourCPA.
This is what I did.
We talked to my CPA and I saidokay, do I and my business need
to increase my withholdings?
Does my wife and what wedecided?
Like I told you she wasn'twithholding enough.
So we went in and we changedher withholdings.
(05:01):
What I did was I took what didwe owe that year, we divided it
across 12 months and we went andchanged her her paycheck
withholdings so that we couldoffset that.
So we in your, when you go toyour HR department, if you can
do it online, or again if it'syourself inside your payroll
software, you can change howmuch is withheld by just simply
(05:22):
saying I want X dollars amountadditionally withheld on top of
what you're already withholding.
So let's just say that you were.
For simplicity's sake, I'mgoing to say $1,200.
I know that's probably ifyou're listening to this and
you're worried about your taxpayment, you probably owed a lot
more.
But $1,200, that would bedivided by 12 is $100 a month.
So I'm going to say monthly,I'm going to have an additional
(05:45):
$100 withheld from my paycheck.
If I'm paid twice a month, thenit's going to be $50 per month
withheld from my paycheck.
That means from now until theend of the year, after 12 months
.
Then here we are.
We're going to be able towithhold that 1200 and that
should balance itself out.
Now, if you didn't find outuntil April, you don't have 12
months, right?
So figure out how many monthsyou have left in the year.
(06:07):
If there's only six months left, well then that's $200 a month.
We're going to be withholdingextra on our paychecks to pay
for our federal income taxes.
So this is just a school ofthought that we can go about it
If you want to be safe a littlebit.
On the safe side you could do250.
You could just round it up alittle bit to make sure that
you're covering your taxes there.
You could also make sure you'redoing quarterly estimates.
So if you're somebody who'sdoing quarterly tax payments
(06:29):
you're not on payroll, maybeyou're just a traditional LLC or
a sole proprietorship then makesure you are doing your
quarterly estimates accurately.
And you might increase those aswell by about the same amount.
So the same thing 1200,.
We're going to divide that byfour.
So every three months you'regoing to pay $300 more for your
tax, quarterly tax estimates.
Where this does not become asolid rule of thumb is your
(06:53):
business might grow over the Ihope it grows this year and that
means your tax obligation isgoing to increase because you're
making more.
And so by simply just paying anadditional a hundred $200 a
month towards taxes, if you havean identical year to last year,
then theoretically that shouldsolve the problem.
But not always Some otherschools of thought want to take
into into.
(07:13):
To think about would be whathappened in our personal lives
last year.
Is there an anomaly that maybechanged?
What happened?
Home purchases, home selling,any major purchases you're
having.
Did you have a major life event?
Did you have kids?
What could have maybe swungthis one way or the other?
And that can go back a coupleof years too.
(07:34):
Maybe two years ago you had oneof those life changes that
helped you on your taxes andthen now this year you're not.
Maybe two years ago you had oneof those life changes that
helped you on your taxes andthen now this year you're not.
Maybe you had a kid move out ofthe house and you're no longer
claiming that dependent andsuddenly boom, you're hit again
with just more tax.
So take all of these thingsinto consideration as we're
making a change Now.
The best way to set yourself upfor next year is to make sure
(07:57):
you have a tax account, so weare big believers in having
multiple bank accounts toorganize our finances so that
when you have income coming in,you can divide it out across
these core bank accounts to makesure that you're always covered
.
Now, the core accounts that werecommend for therapy practices
would be having a profit account, so that you can make sure
profit is specifically set aside.
(08:18):
You have an owner's pay account, so to make sure that you are
getting paid regularly and ontime, in the same amount every
single time.
A tax account, which is whatwe're talking about now, money
that you're setting asidetowards taxes, operating
expenses, and then also, weusually recommend a payroll
account if you have a team ofclinicians working under you.
Now, this tax account, whatpercentage are we allocating to
(08:41):
that?
And so this is where you canincrease that percentage, so you
have more money going towardtaxes.
If you've been setting aside 10%of your income toward taxes,
then if it wasn't enough, let'sramp that up, maybe to 12 to 15%
going into that tax account.
Then at the end of the year,let's just say you do have a tax
bill.
Maybe you have some cash inthere.
So even if you don't changeyour withholdings, if you're
(09:03):
adding more money, if money'sbuilding up in there, you've
increased what you're puttinginto that tax account.
Then by the end of the year,hopefully you should have some
cash built up in there to payoff any unexpected tax that you
might owe when it comes time tofile.
So a lot of these things we cando to be proactive.
That is really the key.
Don't beat yourself up if youfound that you have a tax bill.
(09:23):
You're not a failure.
It's really difficult andconfusing.
We have something ascomplicated as tax law and
filing taxes and it falls on usas individuals and business
owners to try and figure it outas we are getting things
compiled ready to file.
So give yourself grace, butalso use this as an opportunity
to learn and to grow and to makesure that this doesn't happen
(09:44):
to you again in the future.
So look back to see what factorscame into play.
Why was this tax bill higher?
Talk to your CPA, see whatinsights they can give you.
Why might it have beendifferent this year than
previous years?
If you've been owing everysingle year, then I think it's
probably time to go ahead andmake some of these tweaks and
changes.
If your CPA is saying, yep, itlooks like moving forward, this
(10:06):
is going to be the norm, thentalk to them about those changes
that you can make.
What adjustments to yourwithholdings do you need to make
, either on your payroll side or, if you're married, on that
spouse's payroll side, if youhave side hustles, side income?
So again for my situation withthe band, I wasn't paying into
quarterly and now I am, becausethat's just as the band was
(10:27):
growing and I was making a lotmore money from that.
Previously it wasn't reallyaffecting our taxes and now it
is, and so I have to adjust whatI'm doing.
I highly recommend having a taxpro in your corner that you meet
with at least twice a year,usually around tax time, when
you are filing, you're going togo over what it looks like, and
then I always recommend settingup a time in the summertime,
(10:49):
maybe halfway through, so that'sJuly August.
This is a great opportunity toreconnect with them.
Usually in the summers they are.
Their workload is a lot less.
They still have a lot of thingsthey're doing.
I'm not saying that they'redoing nothing.
They're busy, but the April 15tax deadline has passed and so
usually they're a lot moreavailable to have those 15,
(11:09):
30-minute calls.
A great CPA like mine is goingto walk you through exercises
and project what they think youmight owe this next year.
So they might take what yourrevenue was this year Mine will.
So if I met with mine in July,we're going to take my six
months of revenue from this year.
We're going to look at my PNL.
He's going to take that intoaccount.
(11:30):
He's going to take into accountany other side income we're
earning and we're going toproject what we might owe, what
we might receive back.
So these are all exercises thatyou can do with a good CPA, and
I highly recommend it.
If yours is not willing to dothat, then it might benefit you
to find one who will, so thatyou're not caught off guard
Again when April hits, it's toolate.
It's too late to do anythingabout it, and so this guessing
(11:52):
game every year.
We want to move away from that,and so find a CPA, and then
also find a person who can be inyour corner, somebody who's
looking into your finances withyou, whether it's a CFO, whether
it's a profit coach, like whatwe do somebody who's able to
help you stay organized and havethat system if you don't have
it already.
Paying more, saving more fortaxes, is a great philosophy, a
(12:14):
great thing to be doing.
If you don't have the systemsand infrastructures in place,
it's not going to happen andyou're going to keep this cycle
going where every tax year, youare stressed, anxious,
frustrated, because a big taxbill is hitting and you don't
have cash in the bank to takecare of it.
If you need help creating thatsystem and infrastructure we eat
that stuff for breakfast.
There's always a link in thedescription to talk to one of
(12:35):
our team members and get somehelp in that area.
Don't let the taxes get youdown.
You're doing great.
You are on top of it.
Let's make this the last yearyou owe a bill.
If you owed one, if you havenever owed a bill, great job.
But stay on it.
Keep in pulse.
All the advice I was givingabout communicating with your
CPA is still into effect.
I didn't owe for years and then, all of a sudden, we owed one
(12:56):
year.
So it can sneak up on you ifyou're not careful.
So be proactive, have thoseconversations, save for taxes
and you'll be doing great.
Thanks for joining us on theTherapy Business Podcast.
Be sure to subscribe, leave areview and share it with a
practice owner that you may knowIf your practice needs help
getting organized with itsfinances or just growing your
(13:16):
practice.
Head to therapybusinesspodcomto learn how we can help.
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