Office Hours: Mastering Quarterly Taxes For Your Therapy Practice with Andrew Riesen

Quarterly taxes do not have to be overwhelming.

In this first Office Hours episode of Heard Business School, host Michael Fulwiler sits down with Heard co-founder and CEO, Andrew Risen, to give you a masterclass in paying your quarterly taxes as a therapy practice business owner. 

Andrew breaks down the essentials of keeping your financial house in order, from understanding the deadlines and penalties associated with quarterly taxes to the best practices for estimating and setting aside your payments.

 Learn how overpaying can result in refunds and discover the strategies to avoid penalties from underpayments. Plus, get to know the importance of considering your entire financial picture, which includes not just your practice but any other sources of income.

In the conversation, they discuss:

• Why making quarterly tax payments is crucial to avoid penalties and interest accruals and how best to estimate them to stay in the clear
• Practical tips on managing your tax responsibilities to meet your tax obligations effortlessly as your business scales
• How Heard can be a game-changer for therapists by freeing you up to do what you really love—helping your clients—while feeling secure that your financial house is in order

Resources:

• How to pay income tax in every state as a therapist - https://www.joinheard.com/articles/how-to-pay-income-tax-in-every-state-as-a-therapist 
• How to pay quarterly estimates taxes for your therapy practice - https://www.joinheard.com/articles/how-to-pay-quarterly-estimated-taxes-for-your-therapy-practice 
• IRS resource - Tax withholding estimator - https://www.irs.gov/individuals/tax-withholding-estimator 

Connect with the guest:

• On Linkedin: https://www.linkedin.com/in/andrewriesen 
• On X (Formerly Twitter): https://x.com/andrewriesen 
• Heard website: https://www.joinheard.com/ 

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

[00:00] Introduction to Heard Business School with guest, Andrew Riesen

[01:12] Understanding quarterly tax payments

[03:49] Understanding who needs to pay quarterly tax payments

[05:45] Best practices for avoiding penalties

[07:14] Computation practice

[09:46] Deadlines for quarterly tax payments

[12:05] Estimating payments

[15:58] Projecting income

[18:04] Recalculating estimates

[20:19] Tactical advice for making payments 

[23:09] Bookkeeping essentials 

[25:41] Penalties for non-compliance

[27:06] Multistate taxation challenges 

[28:48] Consulting tax professionals 

[33:06] Specifics for S corporations 

[37:56] Handling multiple income sources

[39:05] Role of Heard in financial planning

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.