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Episode 54: Accounting and Taxes for Coaches with Jennie Schottmiller

When it comes to understanding the accounting and tax needs of service-based professionals, and especially coaches and therapists, Jennie Schottmiller is a pro. She joins us on this episode to share what you need to know when it comes to accounting and taxes for your coaching practice.
Jennie Schottmiller Coach with Clarity Podcast

54: Accounting and Taxes for Coaches with Jennie Schottmiller

Accounting and tax are two topics that bring up a lot of fear for many of us and with the April 15th tax deadline looming, that anxiety is probably rearing its head. To help you move away from overwhelm and towards clarity and ease, Jennie Schottmiller is here to simplify what you need to know about accounting and tax for your coaching practice.

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Show Notes

Accounting and tax are two topics that bring up a lot of fear for many of us and with the April 15th tax deadline looming, that anxiety is probably rearing its head.

To help you move away from overwhelm and towards clarity and ease, Jennie Schottmiller is here to simplify what you need to know about accounting and tax for your coaching practice.

Jennie Schottmiller is a licensed marriage and family therapist (LMFT) and Certified Public Accountant (CPA) who owns her own therapy private practice, working primarily with couples and families, and Simple Profit, a business for coaching and education.

I am so grateful to Jennie for coming on the show today and making overwhelming topics like accounting and taxes so simple. Jennie is a wealth of information and I know that you are going to find so much value in today's interview.

 

Topics covered

  • Jennie’s passion for helping business owners as an accounting coach
  • What does an accounting system do for your business?
  • Why your profit or loss statement is your most important tool for your coaching business
  • The differences between a client management system and an accounting system
  • When to create a separate business for your coaching practice
  • Common tax deductions for a coaching business
  • The general rule for deciding whether you can deduct your expenses
  • How to approach home office deductions
  • Figuring out how much and when to pay your taxes

Resources mentioned

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TRANSCRIPT

 

Well, hello, my friend and welcome to another episode of the Coach with Clarity Podcast. I'm your host, Lee Chaix McDonough, and today I am so excited to bring you an interview with my friend and colleague Jennie Schottmiller of Simple Profit. Jennie is a licensed marriage and family therapist (LMFT) as well as a licensed certified public accountant (CPA) in the state of Pennsylvania. So when it comes to understanding the accounting and tax needs for service based professionals, especially coaches and therapists, Jennie is a pro. She left accounting in 2007 to focus on her health and her family and then became a marriage and family therapist in 2010. But soon after opening her private therapy practice, she realized how many of her peers really struggled with accounting, taxes, budgeting and cash management and the like. And that's what inspired her to start Simple Profit. She now provides free resources, educational courses, and accounting coaching to support small business owners. She is a wealth of information, and I know that you are going to find so much value in today's interview. So let's get right to it, I'm pleased to introduce you to Jennie Schottmiller.

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