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

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