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Do you want to build healthy wealth? How close are you to enjoying your group practice? What is the best way to plan for tax season?
In this podcast episode, LaToya Smith speaks about planning for a financially healthy 2023 with Alan Pruitt.
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Meet Alan Pruitt, CPA
Alan Pruitt is the Owner and CEO of Pruitt Prep CPA, a dynamic CPA firm dedicated to empowering and informing individuals and businesses on the best ways to minimize their tax liability, improve growth potential, and implement efficient and effective processes. He takes a proactive approach with his clients to not only implement valuable tax-saving strategies but also serve as an advisor and valuable resource anytime they have questions or need assistance.
Visit Pruitt Prep CPA and connect on Facebook, Instagram, and LinkedIn.
In This Podcast
- Goal-setting is important
- Get quiet
- Set a budget
- Separate your taxes
Goal-setting is important
Set goals at the top of the fresh year
Be intentional. Be intentional about what you want [from] this year because when you do that, you can [more easily] create special things.
Alan Pruitt
Setting goals help you to have something to strive towards, and once you know what you are striving for, you can more easily align your actions and behaviors to keep you on track.
Assessing your goals can also help you to notice when you have fallen slightly off track so that you can regain your focus and keep your dreams top-of-mind.
Alan’s tip: look beyond the numbers and strive for a state of being.
Sometimes, for me, the most important goals are the ones that are non-financial. It’s about growing … expanding, delegating, and getting stuff off of your plate so that you can focus on more revenue-generating activities.
Alan Pruitt
Rather than thinking, “I’m going to earn XYZ money”, set your goal to be, “I’m going to delegate these tasks to free up more of my time.”
Take actionable steps towards the state of being that will allow you to generate that additional income.
Get quiet
Block out the noise of the hype around you and get quiet to truly hear yourself and what is important to you.
Rather than following the crowd and jumping from one thing to the next, make space and time to be quiet with yourself, and let your thoughts and feelings speak for themselves.
Ideally, I would love it if you did it every day, but at least once a week, you need to be taking time to truly work on your business … even schedule it on your calendar.
Alan Pruitt
Make time to focus on your business: what do you want to accomplish? Where do you want to take it to? Which problems do you want to solve with it?
Set a budget
Don’t be afraid of the numbers!
Your budget is your best tool when it comes to realizing your dreams and goals because it shows you what you have, and with it, you can figure out how best to use your resources to get closer to what you want.
A basic budget includes:
- A list of your monthly expenses (fixed and fluctuating)
- Track your income per session
- Track how many sessions you have in a week and a month (on average)
Separate your taxes
Consider the Profit First approach of creating separate accounts for each income and expense, and filtering your money through them all accordingly.
It’s then easier to see what is costing you, where your revenue is coming from, and how much you need to pay for taxes (without rushing them at the end of the year).
Bare minimum, you need to be setting aside at least 15% of your net profit [for paying taxes].
Alan Pruitt
Books mentioned in this episode:
Useful links mentioned in this episode:
- Don’t waste any more of your time, and try TherapyNotes.
- Visit Pruitt Prep CPA and connect on Facebook, Instagram, and LinkedIn.
Check out these additional resources:
- How To Host An Event with Dr. Tekesia Jackson – Part 2 | GP 156
- Practice of the Practice Network
- Group Practice Launch
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
- PoP Group Practice Owners Facebook Group
- Free resources to help you start, grow, and scale
- Work with us
- Practice of the Practice Network
Meet LaToya Smith
LaToya is a consultant with Practice of the Practice and the owner of LCS Counseling and Consulting Agency in Fortworth Texas. She firmly believes that people don’t have to remain stuck in their pain or the place they became wounded. In addition to this, LaToya encourages her clients to be active in their treatment and work towards their desired outcome.
She has also launched Strong Witness which is a platform designed to connect, transform, and heal communities through the power of storytelling.
Visit LaToya’s website. Connect with her on Facebook, Instagram, Strong Witness Instagram, and Twitter.
Email her at latoya@practiceofthepractice.com
