Moving Through Tax Fears in Private Practice
When I started my art therapy private practice in 2020, I did everything I could to ensure my business got off to a solid financial start. I made a budget, I did my own internal work to release unhelpful beliefs and patterns around money, and I sought financial guidance.
I had heard horror stories of other business owners getting hit with huge tax bills, so I acted proactively and hired an accountant to do quarterly tax estimates that I faithfully paid.
The year went smoothly and I enjoyed financial security. I paid off my car loan and teeth debt (root canals aren’t cheap). I bought my own health insurance. I made monthly investments in my Roth IRA. I felt like a grown ass woman.
Then I was informed by my accountant in 2021 that his quarterly estimates were off and I owed $5000 in taxes.
My security was gone. My trust was gone.
I had intentionally met with a recommended accountant and paid in advance to AVOID a big tax bill.
It was unsettling and unnerving. It felt like the financial peace I had built for myself was eroding.
I found a new accountant who was considerably more expensive and recommended by a financial advisor. The accountant met with me for a consultation, and I was overwhelmed by all of the…
