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.



show notes

  1. Not having separate accounts for business transactions

  2. 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

  3. Not keeping detailed receipts

  4. Not making time to look at your results of business regularly

  5. Failing to pay estimated quarterly taxes

  6. Not knowing who and when you need to issue 1099’s to at year end (such as your landlord, attorney, CPA)

  7. Not setting financial goals or using a budget

  8. Spending cash rather than depositing it.

  9. Taking on too much debt

  10. Not saving for emergencies (we don’t get paid if we don’t work!)


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