We are at our closing window for 2023 taxes… So what can you do about it?
Here are a couple of quick tax strategy suggestions for you to research and explore! I am not a financial advisor or CPA – please consult accordingly.
Simple profit by Jennie Shottmiller has an AMAZING group. She’s a licensed counselor and CPA with a free group and paid private membership community
Julie Herres runs Green Oak accounting and host of the Therapy For Your Money Podcast – Her podcast is a fantastic resource and if you’re a group practice she and her team could be a great fit for helping you with the nitty gritty.
You’ll also see Julie in the Therapy Flow Facebook group early next year and Joshua on Julie’s podcast!
Beyond those resources, I want to offer one additional suggestion.
Many things in PP are tax deductible. Meaning if you spend money on marketing, software CEU’s, employees and such, you don’t pay any income tax on those.
If I’m being honest, I was taught this concept my first year of owning a business and I thought it meant that I SHOULD spend more money on things to get that tax deduction.
Unfortunately, that’s like getting 25% off on an item I wouldn’t have bought without the sale…
Spending money on items that are tax write-offs can be a great strategy for lowering your tax burden. But it typically only makes sense if the business needed that item anyway.
The cool thing is, if you do need that item, spending money on it now, and not paying taxes on that income could save you 25% of that cash or more! And this is where doing your research and chatting with a CPA can be helpful to get things in line 🙂
Looking to create a sustainable private practice in 2024 and build a marketing machine that generates new inquiries? And want the added benefit of marketing expenses being tax deductible? Book a call!