Quarterly Taxes Have you Feeling Depressed?
I get it.
Writing big checks each quarter can be a bit painful, particularly if you haven't been keeping up with your bookkeeping.
There is another way to approach your taxes, though.
In this teeny-tiny episode, I discuss how to think about quarterly taxes so that it's not quite so hard to send in those checks every few months.
- Happy Money by Ken Honda
- My Roots course just re-opened. If you're getting started & need help setting up your practice (insurance, forms, scheduling, etc), come and join us!
- Not sure how much you should be setting aside for taxes? Check out Episode 14 | How to Handle Income from your Practice
Transcript of Thoughts on Quarterly Taxes Podcast Episode
Well, Hello there. Welcome to in the clinic with Camille. My name is Camille Freeman. I am a registered herbalist and licensed nutritionist, and I help other highly trained practitioners with starting and building and growing their clinical practices. So today I want to talk to you about quarterly taxes.
Quarterly taxes was actually one of those things for me that almost had me just not start a practice altogether. I was just like, you know what? This is way too complicated. I have no idea how to do that.
It sounds super hard, and maybe I should just never open a practice and all. It's not that hard. I'm not going to talk about the ins and outs of it today. I just want to share a few reflections, and the reason this came up is because right now I am getting ready to file my taxes. My quarterly taxes, which I pay to both Virginia and the IRS, very exciting, and I went to go fill it out and I addressed the envelopes.
And then I put the stamps on. And then I realized that I put the stamp on the envelope going to the Virginia Department of Taxation upside down, which for those of you who did not perhaps grow up in the 80s or 90s is code for, I love you.
Now, I don't know if the person who opens the envelope at the Department of Taxation will take any notice of my fancy thank you stamp that has been placed upside down. But it did remind me as I was paying my taxes that rather than being like, oh, I can't believe I'm paying this much money to feel grateful and glad that I have the opportunity to pay taxes for a variety of reasons. Number one, if I'm paying taxes, then it means that I'm making money and that is good.
It's always nice to be having a sustainable practice where I have enough money coming in to justify paying taxes every quarter. But also, number two, I read a book last year called Happy Money.
I'll put a link to it in the show notes. But anyway, I read this book, and one of the principles are one of the takeaway points for me from the book was just that when you're spending money to make sure that you really are actively opting in to spending the money and that you're feeling happy about where it's going. To choose to be grateful and appreciative of the money because we don't technically have to pay our taxes. I could choose not to pay my taxes, and that could mean that I would just owe a lot of money at the end of the year, which is more painful than paying it quarterly, in my opinion.
Or I could choose not to pay it then, and I could choose to have to take a risk and see if the IRS and the Virginia Department of Taxation come after me. I could choose to sort of live with that thing hang over my head and to pay the penalties if it happens and so forth.
But that's not what I'm doing. I'm actively choosing to pay what I think I owe for the sake of not having that hanging over my head for the sake of not owing as much, hopefully at the end of the year, and also for the sake of contributing to society, paying my part what people believe is owed and for hopefully contributing to the greater good in that way. So when I think about my quarterly taxes in that light, makes it a little bit less uncomfortable to pay them.
And it also reminds me that I've chosen to be in practice. I continue to choose to do this and that paying these quarterly taxes is part of that for me.
Also, because it was such a block for me for a long time. It also reminds me that a lot of the things that I think are scary or that I think are not going to be that I'm not going to know how to do. I'm not going to be able to figure out I actually can figure them out. And so it is for me a helpful reminder too, that all of this stuff is there is a way to learn how to do it and that you keep growing.
You keep expanding as a practitioner, keep putting one foot in front of the other and things get easier.
Okay, so that's my quick little update. Some thoughts on quarterly taxes. Also a friendly reminder. If you're hearing this, you may also have some quarterly taxes that are due so maybe pop that in the mail if you get a chance.
All right. So last thing I'll tell you before I hop out of here is that I just relaunched my Roots course. If you are a brand new practitioner, you're trying to open your doors and figure out your forms and your insurance. And do you need an LLC? Come on into the Roots course.
I would love to have you join us. We walk through all of that step by step, exactly what to do. I've made it as easy and as streamlined as possible. They're live Q&A sessions.
There's a group forum. You'll have all the support you need to just bust it out and open your doors. I promise you can do it. Just go to camillefreeman.com/roots
You can find out all the info and sign up any old time. Alright. Hope to see you there and I'll talk to you all pretty soon.