Episode 79: Tax Planning Tips to Implement by the End of 2022 (with Emily Grauerholz) Artwork

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

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Therapy For Your Money

Episode 79: Tax Planning Tips to Implement by the End of 2022 (with Emily Grauerholz)

November 04, 2022 • Julie Herres • Season 3 • Episode 79

We know practice owners are always on the hunt for new tax tips to help reduce their taxes, and this episode is full of them! We want to make sure you have ample time to maximize your tax savings for 2022 and better prepare for your taxes in 2023. Julie's joined by the Tax Manager of GreenOak Accounting, Emily Grauerholz, and enjoys a chat all about her favorite end-of-year tax saving tips!

Emily Grauerholz is the Tax Manager on the GreenOak Accounting team. She enjoys problem-solving and is passionate about helping others because she loves to see clients succeed. In her spare time, Emily enjoys spending time with her kids and helping her husband on the family farm.

EPISODE HIGHLIGHTS

Tax season can sneak up on your if you haven't fully prepared - but there's no time like the present to start saving!
Tip #1 - Accelerating Expenses in Cash-Pay Practices
- Deductions occur in the year that you pay them - if you can accelerate any necessary expenses in December rather than wait until January, that could save you from having to wait a whole calendar year to deduct your January expenses
- Examples - rent, software fees, subscriptions, etc.
Tip #2 - Retirement Planning
- Traditional IRA or Roth IRA - do have income limitations
- SEP Contributions
- All retirement contributions must be made prior to the end of the year
Tip #3 - Business Use of a Personal Vehicle
- Can use the standard IRS deduction
- Mileage needs to be tracked meticulously - you can use the Mileage IQ app or the QuickBooks app to track your miles
To hear all tips included in this episode, make sure to take a listen!

LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com