Ep 17. Tackling Taxes as an Independent Contractor with Carol Alvarez

Season #1

Show Summary:

Independent Contracting. Two words that might make you raise an eyebrow especially if you’re a student or a fresh new graduate because contracting is just not something covered extensively in our OT programs. But - just because it isn’t covered, doesn’t mean it should be ignored or overlooked. Independent contracting can be an amazing income boosting opportunity especially for OTs looking for ways to maximize your earning potential. 

In today’s episode we’re joined by Carol Alvarez, an OTP, tax literacy coach, and founder of Therapy Not Taxes, a tax consulting business for independent contractors. Carol and I discuss the key differences between independent contracting vs employee positions, how to understand and lower your tax bill, common expenses you can deduct, and so much more. I’m excited for you to hear this one and gain more valuable insight into the world of contracting because as I always say, it’s not about how much money you make, it’s about how much you keep in your pocket and when done right, contracting can help you keep way more of your hard earned money.

In today’s show, we’re chatting about:

  • Carol’s path from home health OTA to becoming a full time tax literacy coach 
  • What does “self-employed therapist” and “1099 independent contractor” actually mean?
  • Which is better: being a W2 employee or a 1099 contractor? 
  • How much money you can save by understanding the role of tax deductions
  • How to lower your tax bill as a 1099 contractor 
  • Common expenses 1099 contract therapists can deduct
  • Do you need a business entity like an LLC to write off business deductions?
  • Rapid fire Q&A (student loans, tax bills, travel therapy taxes, and more!)
  • Advice, tools, and resources for self employed therapists 

Guest Bio:

Meet Carol, the dynamic force and OTP behind Therapy Not Taxes (TNT), dedicated to revolutionizing the way therapists approach taxes. With 18 years of self-employed therapy experience under her belt, Carol knows firsthand the trials and tribulations of navigating the tax landscape. Her journey began with a quest for tax literacy that led her from disappointment to determination. Armed with actionable advice from a tax attorney and a graduate certificate in Taxation, Carol emerged as a bona fide tax slayer with a mission to empower fellow therapists. TNT isn't just about doing taxes; it's about erasing them legally while maximizing income and minimizing tax burdens. Through Carol's guidance, therapists have bid farewell to tax anxiety and hello to refunds and growing travel funds. So, if you're a therapist itching to keep more of your hard-earned cash, Carol's your go-to guru.


Get in touch

Wanna be innanet friends? Instagram - TikTok - Facebook

**some resources may contain affiliate links