Episode 153 | I owe the IRS a bunch of $$$, now what? 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 153 | I owe the IRS a bunch of $$$, now what?

November 01, 2024 • Julie Herres

Mastering Tax Debt: Strategies and Solutions for Therapy Practice Owners

In this insightful episode of 'Therapy for Your Money,' host Julie Herres of Green Oak Accounting provides therapy practice owners with essential guidance on managing tax debt. Julie covers crucial steps for addressing IRS notices, exploring payment plans, and applying for offers in compromise. She warns about the potential consequences of neglecting tax responsibilities and explains IRS procedures before drastic actions like wage garnishment or account seizure are taken. The episode also highlights the importance of timely payments, strategies for managing large debts, recognizing tax-related scams, and common IRS errors like misplaced payments. Additionally, Julie promotes a detailed tax course designed to help business owners better manage their finances. Tune in to gain control over your financial situation, avoid pitfalls, and keep your practice profitable.

Episode Highlights

00:00 Welcome to Therapy for Your Money

00:45 Dealing with Tax Debt: An Overview

01:41 Understanding IRS Power and Consequences

03:01 First Steps: Responding to IRS Notices

05:18 The Importance of Professional Help

06:31 Options for Managing IRS Debt

08:10 Importance of Timely Payments

08:46 Offer in Compromise: When and How

10:01 Requesting More Time from the IRS

10:32 IRS Mistakes and How to Handle Them

12:40 Beware of Scams

14:50 Conclusion and Additional Resources

Links and Resources

Everything you need to know about taxes as a business owner: https://www.greenoakaccounting.com/tax
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio