Episode Details

If you have ever looked at your bank account and wondered where all your money actually went, the right tax strategies might be exactly what you have been missing. Most of us started a private practice because we love the work, not because we wanted to become experts in cash flow, pricing, and taxes. So it makes sense that this is the stuff that trips us up.

In this episode of The Traveling Therapist Podcast, I sit down with Emily Bowie, a CPA and cash flow strategist with Thorne Advisors, to talk about why so many therapists end up profitable but broke. Emily has a real gift for making the money side feel doable instead of overwhelming, and she shares the kind of tax strategies that can genuinely change what you take home. If you have ever felt a little unsure about your own numbers, this one is worth a listen.

In This Episode, We Explore…

• What "profitable but broke" really means and why it happens to so many practice owners.
• The simple pricing check that shows you your true profit per session.
• When it actually makes sense to elect S corp status, and the net income number to watch for.
• Why looking at your P&L next to your balance sheet tells the real story about your money.
• The tax strategies that only open up once you become an S corp, like the accountable plan.

Connect with Emily Bowie:
Website: https://www.thorneadvisors.com/
Instagram: https://www.instagram.com/thorneadvisors/
Free Resource (5 Cash Leaks & 5 Missed Tax Deductions): https://www.thorneadvisors.com/cashleaks

Kym's Resources:
Bill Like a Boss: https://kymtolson.kartra.com/page/Bill-Like-A-Boss
100 Side Hustles for Therapists: https://kymtolson.kartra.com/page/opt-in-100-side-hustles
Thera AI Hub: https://kymtolson.kartra.com/page/AI-Tools-for-Therapists
Coaching with Kym: https://calendly.com/kymtolson/30min
The Traveling Therapist Facebook Group: https://www.facebook.com/groups/onlineandtraveling

Are you ready to take the plunge and become a Traveling Therapist? Whether you want to be a full-time digital nomad or just want the flexibility to bring your practice with you while you travel a couple of times a year, the Portable Practice Method will give you the framework to be protected!
➡️ JOIN NOW: www.portablepracticemethod.com/

Connect with me:

• www.instagram.com/thetravelingtherapist_kym
• www.facebook.com/groups/onlineandtraveling/
• www.thetravelingtherapist.com

The Traveling Therapist Podcast is Sponsored by:

Berries: Say goodbye to the burden of mental health notes with automated note and treatment plan creation! www.heyberries.com/therapists

Alma: Alma is on a mission to simplify access to mental health care by focusing first and foremost on supporting clinicians www.helloalma.com/kym