Episode 136- 10 Mistakes Private Practice Owners Make and How To Avoid Them When it Comes to Taxes
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startup nation, meet: Jennie Schottmiller
Jennie is a former CPA and a current LMFT in private practice.
She runs a Facebook group, Simple Profit, to educate and support other mental health clinicians in the areas of accounting, tax and financial analysis.
Not having separate accounts for business transactions
Not having an accounting system even if it’s a spreadsheet; waiting until the end of the year to try and figure out all your expenses and total income
Not keeping detailed receipts
Not making time to look at your results of business regularly
Failing to pay estimated quarterly taxes
Not knowing who and when you need to issue 1099’s to at year end (such as your landlord, attorney, CPA)
Not setting financial goals or using a budget
Spending cash rather than depositing it.
Taking on too much debt
Not saving for emergencies (we don’t get paid if we don’t work!)
Resources & giveaways
A-Z Cheatsheet: The Essentials for Growing Your Dream Practice
How to Make Your Business Profit First Podcast with Mike Michalowicz