You’re a therapist in private practice and you’ve been hearing other practice owners talk about becoming an S-Corp. What does it mean, and might it be fore you? It’s a real strategy, it saves real money, and for many therapists, it’s one of the biggest financial decisions they’ll make for their practice. But it’s also […]
LLC vs. S-Corp for Therapists: Which Entity Saves You More Money? Read More »
Extension time: Your Apr 15 responsibilities as a taxpayer Many of our customers file their taxes by Apr 15. Many file an extension and finish their taxes by the extended deadline on Oct 15, six months later, too. There is no “right” way to do it. What is required is that the IRS be kept
What You Need to Know If you own an S Corporation (S-corp), the annual federal tax filing deadline is March 15. S-Corps don’t pay federal income taxes directly. Instead, profits and losses pass through to the owners’ personal tax returns, where they are reported and taxed. This allows for potential tax savings but also means
Extension time: What to do on the March 15 S-corp and partnership tax deadline in 2026 Read More »
We love helping you save on your business taxes. Having these two statements gets us both off on the right foot when preparing those taxes accurately and efficiently. 1. Recommendation: Use QuickBooks QuickBooks is the go-to tool for generating professional financial reports. Here are the two key report businesses produce from it: Income Statement (Profit
Income statements and balance sheets for your business: Understand them in 8 minutes Read More »
Texas businesses have long been familiar with the annual requirement of filing franchise tax reports. However, recent changes in regulations have eliminated this obligation for many businesses. Despite this, one crucial document that continues to hold significance is the Public Information Report (PIR). Maintaining TransparencyThe Public Information Report serves as a tool for upholding transparency
Public Information Reports in Texas: Beyond Franchise Tax Reports Read More »
Accountable plans help businesses to optimize their tax footprint, especially for home office deductions. What is an accountable plan? It allows for the reimbursement of legitimate business expenses incurred with personal funds. Think home office setups, mobile phone bills, and even mileage. The key factor? Reimbursements are tax-free for the employee and deductible for the company.
Takeaway: Figuring out your taxes and finances can be overwhelming, especially when you have your own business. In this post, we share some insider tips that can help you make sure you’re getting all the self employed therapist tax deductions that you qualify for. As a private practice therapist, you’re used to helping others. However,
11 Best Self Employed Therapist Tax Deductions in 2023 Read More »
I think I should be able to do my own taxes, would you suggest a program? You could certainly use TurboTax or TaxAct. Both are user friendly. However, it’s not ideal to do it yourself as a business owner. TurboTax and similar tax software is perfectly fine when you don’t own a business. The tax
Should I Use Tax Software Like TurboTax For My Mental Health Private Practice? Read More »
WHO? Who this is not for – if you are on a payment plan for a prior year’s taxes, just focus on continuing to pay that. If you haven’t completely paid your prior year taxes, you’ll want to focus on paying that. If money is tight right now, maybe hold off on this round of
What are some of the most common mistakes you see therapists making in their private practices? You guys don’t charge enough! If you have yourself a private practice where you are seeing 18 +/- clients a week and you are struggling, a good chance is you are not charging enough. I get that you are in