TL;DR Accounting

07

Jan

3 Common Mistakes we see from Therapists new to Private Practice

We see 3 common tax and accounting mistakes for therapists in private practice: Only using a Practice Management Software aka not keep track of expenses Not saving for taxes Formed as a sole proprietorship In the video, we discuss some simple solutions to each problem. Download our Steps to creating your PLLC guide TL;DR: If you are doing any of these, don't beat yourself up, correct it moving forward.

When are Business & Occupation(B&O) Taxes Due?

https://youtu.be/N3Giny5D4lY When you think of B&O taxes, does it make you think of Washington State taxes? (Personally, it makes me think of the B&O Railroad from Monopoly). It’s important to realize Business & Occupation taxes are not just state taxes but are collected as part of city, county, and state taxes. Read more about the new Surcharge here. City Taxes Cities generally tax businesses on revenue. In the interest of brevity we will center this section around the city of Seattle, which uses the FileLocal website for B&O taxes, though several nearby cities also use the FileLocal website. Seattle businesses…

What the Heck Is the Washington State Workforce Education Surcharge on My B&O taxes?

If you operate a business in Washington State whose purpose is to provide services (as opposed to goods), you may have recently received a letter (or e-letter) from the Department of Revenue announcing a surcharge to your regular B&O (aka excise) taxes. This change will take effect in 2020; it will not affect any 2019 B&O tax returns. Just What We Needed, a Surcharge…Okay, What’s the Damage? Let’s cut to the chase and just tell you how much more money you will owe. …but, unfortunately, it’s not the same for everyone. The Department of Revenue has implemented a three-tiered system…