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