End of Year Checklist

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end of year checklist counseling private practice consultant
It’s December, can you believe it? With the end of 2015 here, I want to make sure that you know how to optimize everything for your business.
Did you know that if you’re building your business and have not launched, you can still write things off?

End of Year Checklist

Before we get to the checklist, I’m not an accountant. These are my personal recommendations based on having a private practice since 2006. With that said, here are some things to evaluate this month:
  • Evaluate your tax bracket: Go to the IRS graphic and look at how close you are to the tax threshold. For example, if you’re married and filing jointly if you make $74,900 you’ll pay $1,845 + 15% over $18,450, whereas if you make $74,901 you’ll pay $10,312 + 25% over $74,900. If you’re really close, some tax write offs or donations could help.
  • Get your receipts together: If you have not been saving receipts or keeping track, fear not! Go back and look at your bank account and itemize as best as you can.
  • Talk with your tax person: For years I used TurboTax Home and Business, then last year they really screwed things up and their top IT people couldn’t figure it out. For an extra $100, I could have had a person walk me through everything. Go get their advice, the first session is often free.
  • Look at filing: It really depends on your state, but usually the flow is to file a LLC or PLLC and then when you’re making over six figures to file a S-Corp. Having this take effect on 1-1-16 is the smoothest for taxes.
  • Make final purchases: The end of the year is a great time to look at your overall revenue and make final purchases. This helps with tax write offs and you can usually get some killer deals.

Ways to Spend your Money and Time

Here are a few ways that you can spend your time and money. They all have really strong returns on investment:
  1. Start a Practice Newsletter: My newsletter to start a practice used to be $149 per year, now it is a one time fee of $17. Click here to join.
  2. Most Awesome Conference: May 19-21, 2016 my friends Kelly Higdon, Julie Hank, Miranda Palmer, and I are putting on The second MAC. If you need to pay in three installments, we’re only offering that in December and almost half the tickets are already gone. www.MostAwesomeConference.com
  3. Purchase the Paperwork Packet: If you’re adding 1099s this coming year, you’ll get contracts you can hand to your attorney that will save you time. Also, you’ll get intakes, progress notes, doctor update forms, release of information, and my private pay receipts. Enter code “bam75” to get $75 off, click here to look at the Paperwork Packet.
  4. Lunch or Coffee: One of the best investments you can make is to take other clinicians out for coffee or lunch. Learn more about your area and make some referrals to them to get the back and forth going.
  5. Listen through some podcasts: Take some time to binge listen to the podcast. I’ve recently had some amazing guests including Avrum Nadigal who talks about working on marriage when you’re single, Yoav Cohen-Manor who discusses trauma therapy in Israel, and the recent consultant roundtable where the MAC crew goes deep into New York City counseling practice “Walk and Talk” to discuss what can improve. Click here to binge listen in iTunes or here to listen on my website
In the coming weeks I’m going to be launching a Facebook Group for my Pop Audience. Stay tuned here to get the invite! I’m so glad you’ve invited me on this journey!!!
Hey there, I'm Joe. I'm really glad you're here!
Hey there, I’m Joe. I’m really glad you’re here!

Joe Sanok is a private practice consultant that helps counselors discover the marketing and business side of their counseling practices. Joe was frustrated with the lack of training and education. He launched the #1 podcast for counselors in private practice in 2013 and continues to innovate through new projects.