Episode 70: Tax Deductions - Personal Therapy (with Heidi Stepzinski)

We have our last Tax Deduction episode of Season 2! If you've been wondering if you can consider your own personal therapy as a tax deduction, we've got the answer. Julie is joined again by Heidi Stepzinski, and they are talking about the different instances where meeting with a fellow therapist can be a tax deduction! Episode Highlights: Most of the time, personal therapy does NOT count as a tax write-off Personal therapy is a personal expense, not something related to your business When can meeting with a therapist be considered a tax deduction? When meeting with a colleague for professional advice regarding a client When meeting for supervision, education, or training When meeting with a business coach for the purpose of your practice When researching a service a therapist offers in order to recommend it to your own clients A good rule of thumb is - if it's not business related, it is considered a personal expense and cannot be considered a deduction Always keep thorough documentation when meeting with a therapist for business reasons in order for the meeting to be eligible as a tax deduction DISCLAIMER: Always consult with a tax professional to determine what tax deductions you are eligible for. Links & Resources: GreenOak Accounting Therapy For Your Money Podcast