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 51: Tax Tips for 2021
November 19, 2021
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Julie Herres
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Season 2
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Episode 51
Tax season is right around the corner! Julie's sitting down with two members of the GreenOak Accounting Tax Team, Emily and Linda, to discuss our top tax tips for reducing your tax liability and optimize your benefits.
Episode Highlights
- Tax Planning v. Tax Preparation
- Tax Planning – proactive look at the business to evaluate opportunities to legally reduce the tax burden at the beginning of the year
- Tax Preparation - happens after the year is over and there are limited opportunities to change your tax amount owed
- Tip #1 – Accelerating Expenses
- If you’re a cash-based business, it is more beneficial to pay certain normal, ongoing business expenses in December rather than January in order to take full advantage of the tax deduction
- Tip #2 – Retirement Planning
- There are a number of contributions you can make to a Roth IRA, traditional IRA, or even your 401K
- Tip #3 – Business Use of Your Personal Vehicle
- Download an app on your phone to track the mileage on your car for business use
- Make sure to take a listen to the episode to get the FULL list of 2021 tax tips!
Links & Resources
GreenOak Accounting
Therapy For Your Money Podcast