Like this episode? Want more?
The LBC podcast is ALWAYS free, thanks to contributions from supporters. We’d love for you to join today!
Powered by RedCircle
“How can I keep as much of my money as possible, in the most ethical way possible?”
— Annie Frisbie
While there are always parts of running a business that some people will love more than others, most people can agree on one thing: tax season is a pain.
But it doesn’t need to be.
There are things that you can do to make tax season run much more smoothly for your practice.
You don’t need to memorize the tax code, spend hours researching loopholes, or take a math course. But it is important to take as much care in keeping your financial records as you do your patient records.
We both recommend hiring a bookkeeper to balance your financials every month and make sure that your transactions are recorded accurately. Remember: paying an accountant to fix errors in your books during tax season will cost you far more than hiring a part-time bookkeeper will!
Depending on your business structure and the complexity of your tax situation, you may also want to hire a tax accountant to guide you through your yearly filing. Tax accountants are trained to know how and where to save you money, and specialized tax accountants will know the specific tax rules for your industry.
From setting up systems and accounts, to choosing your business structure, to dealing with financial complexity, this episode is a primer for getting your practice through tax time with fewer headaches.
Listen now to discover:
The importance of professional guidance when determining your business structure
The difference between “business expenses” and “the cost of doing business” — and what it means for your practice
How to access our monthly Deeper Dives, where we learn great tips from top experts… and each other
“I think of budgeting and taxes as the yuck-stuff that you don’t want to think about and don’t want to deal with… you just have to push through and do it.”
— Leah Jolly
00:22 Welcome to 50!
00:57 The ‘yuck-stuff’
02:45 Hire a bookkeeper
04:50 Profit-first mindset
06:00 Dealing with financial complexity
09:12 More than taxes
10:20 Deeper Dives
11:42 Business expenses v. the cost of doing business
18:00 Separate accounts & credit cards
23:22 Keep learning
Find all our Deeper Dives into Private Practice + more in the Lactation Business Coaching Deeper Dive Vault. Memberships start at $15/month.
Leah Jolly is a private practice IBCLC with Bay Area Breastfeeding in Houston, Texas. Annie Frisbie is a private practice IBCLC serving Queens and Brooklyn in New York City, and the creator of the Lactation Consultant Private Practice Toolkit.