The Traveling Therapist Podcast

135. Biz Owners + Top 6 Overlooked Tax Write Off Categories = More Cash In The Bank with Danielle Hayden

• Kym Tolson • Season 1

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Did you know that overlooking just a few tax deductions could leave hundreds, if not thousands of dollars on the table? I recently sat down to chat with Danielle Hayden, a seasoned CPA and founder of Kickstart Accounting, Inc. She dropped some gems that could reshape how you approach your finances as a Traveling Therapist.

 

First up, separating your business and personal expenses. It can be tempting to swipe your personal card for a quick work lunch or buy office supplies while shopping for home essentials. But, being meticulous here ensures you're capitalizing on every legitimate deduction.

 

Now, if you're netting between $50K and $75K annually, it might be time to consider structuring as an S Corp. Yep, paying yourself a reasonable salary can seriously cut down on that self-employment tax burden. And trust me, having a business structure that aligns with your income level is a game-changer.

 

Here’s a golden nugget: pay attention to how you show up financially. Are you grabbing that coffee to brainstorm some work ideas? Use your business card. But if it's just a morning treat, stick with personal finances. 

 

It hurts to see money wasted, especially thinking it's saving taxes. Spending $1 to save $0.40 isn't smart. Have you ever been told to go on a spending spree to reduce your taxable income? That advice can backfire, big time. Nicole, one of Danielle's clients, faced debt after following such misguided advice.

 

Key points

  • Separate Business and Personal Expenses: Keeping business and personal expenses distinct helps ensure you're maximizing every legitimate tax deduction.

  • Consider S Corp Structure: If your net income is between $50K and $75K, structuring as an S Corp and paying yourself a reasonable salary can reduce self-employment taxes.

  • Track Deductions and Expenses: Meticulously track deductions like home office use, mileage, and business-related expenses to avoid wasting money and ensure you're financially optimized year-round.



About Danielle Hayden:

 

Danielle Hayden is the Co-Founder and CEO of Kickstart Accounting, Inc. a bookkeeping and accounting firm that is on a mission to coach six figure (+ beyond) female entrepreneurs so they can better understand their numbers through bookkeeping, financial analysis, and support so they can grow profitable, sustainable and enjoyable businesses.

 

With over 15 years experience in the world of finance, Danielle has worked her way from accounting firm intern to the Co-Founder of Kickstart Accounting. She understands how complex business finances can be, and she knows that entrepreneurs need more than just a bookkeeper; they need real financial analysis and support in order to get the confidence required to create the sustainable wealth they deserve. Danielle brings a unique perspective when it comes to providing business owners with “the total package” as it relates to their finances.

 

She has been a guest on multiple top-rated shows including, The EntreMD Podcast, Private Practice Workshop and Practice of the Practice. She is also the host of the Business By the books podcast.

 

When Danielle isn't in her money mindset work you can find her hiking or spending time with her family.

 

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