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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.
Therapy For Your Money
Episode 197: Is Getting a Tax Refund a Good Thing for a Therapy Practice?
Is Getting a Tax Refund a Good Thing for a Therapy Practice?
Welcome back to Therapy For Your Money, and Happy New Year! I’m Julie Herres, and I know tax season brings lots of questions—especially when it comes to tax refunds. For many business owners, that refund feels like a windfall or a bonus, but is it actually a good thing for your private practice? In today’s episode, we’ll break down what your tax refund really means for your practice’s financial health—and what you might need to adjust going forward. (Spoiler alert: it’s not always as great as it sounds.)
What We Cover
1. Green Flags: When a tax refund is a sign that your practice’s finances are on track. (Hint: it’s all about small refunds!)
2. Yellow Flags: Situations where a bigger refund means you missed out on cash flow you could have used all year long. We’ll talk about the sneaky reasons this happens—and what to do if you notice this pattern.
3. Red Flags: The danger zone! If you ever receive an unexpectedly large check from the IRS or your state, there are a few things you must check before celebrating. Julie shares common payroll pitfalls and why you need to get your accountant involved, fast.
Subscribe:
Catch every episode by subscribing to Therapy For Your Money on Apple Podcasts or YouTube.
Remember:
Tax refunds aren’t always a high-five moment for your practice. A little curiosity (and a call to your accountant) can help you spot green, yellow, or red flags and set you up for a financially healthy year ahead!
Links and Resources:
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